1 month ago
Stablecoin infrastructure startup Bastion has raised $14.6 cardinal successful a caller backing circular led by Coinbase Ventures, Fortune reports.
Bastion builds white-label stablecoin systems that fto companies contented integer dollars without penning codification oregon applying for regulatory licenses. The circular included information from the task arms of Sony and Samsung, arsenic good arsenic Andreessen Horowitz’s (a16z) crypto part and Hashed.
The startup is led by Nassim Eddequiouaq, a erstwhile Meta and a16z crypto enforcement who worked connected Libra, Meta’s now-defunct stablecoin project. Eddequiouaq said Bastion’s merchandise suite goes beyond elemental issuance: it includes wallets for users and off-ramps that let conversion to currency successful implicit 70 countries.
The valuation of this latest backing circular wasn’t revealed, and the institution raised $25 cardinal backmost successful 2023 successful a circular led by a16z crypto.
That positions Bastion to vie with firms similar Paxos and newer players similar Agora. The steadfast declined to sanction which corporations are presently utilizing its platform, but Eddequiouaq said announcements are coming wrong the adjacent 9 months.
The backing comes amid a broader stablecoin boom. Stripe recently acquired stablecoin startup Bridge for $1.1 billion, USDC issuer Circle went public implicit the summer, portion starring stablecoin issuer Tether is reportedly looking to rise up to $20 cardinal astatine a valuation that could beryllium arsenic precocious arsenic $500 billion.
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