The Web3 startup emerged from stealth mode following a seed funding round led by a16z crypto, facilitating the integration of web3 infrastructure into established enterprise technologies.
Despite the recent challenges in venture capital funding, two former executives from Andreessen Horowitz’s crypto division have showcased their resilience by successfully securing $25 million in seed funding for their groundbreaking Web3 startup, Bastion.
On September 18th, Bastion proudly unveiled its suite of cutting-edge products, aiming to empower companies by seamlessly integrating Web3 infrastructure into their existing enterprise technologies.
The brilliant minds behind Bastion are none other than former Chief Technology Officer Riyaz Faizullabhoy and former Chief Security Officer Nassim Eddequiouaq, both of whom left a16z’s crypto division in April. Notably, their former employer, a16z Crypto, took the lead in this impressive $25 million funding round. Joining them were notable investors such as Nomura Group’s Laser Digital Ventures, Robot Ventures, Aptos Ventures, and Alchemy Ventures.
Bastion is poised to utilize this funding to propel its operations to new heights, attract top-tier engineering talent, and obtain essential licensing to diversify its product offerings even further.
Riyaz Faizullabhoy, co-founder of Bastion, emphasized the significance of this achievement amidst the crypto market’s challenges, stating, “Even as crypto faces another bear market, it is evident that its enduring presence is undeniable.”
This year, crypto venture funding has experienced a substantial decline, with only $283 million raised in August, down 68% from the $877 million recorded in February, as reported by DefiLlama.
Bastion’s comprehensive offerings encompass custody services, digital asset transactions, and user-friendly wallets, aiming to simplify the often complex and overwhelming Web3 onboarding process for businesses.
Nassim Eddequiouaq, co-founder of Bastion, encapsulated the company’s mission by stating, “We founded Bastion to provide businesses with a seamless pathway to embrace Web3, eliminating the complexity that plagues the industry today.”
Arianna Simpson, General Partner of a16z Crypto, expressed unwavering confidence in Bastion’s vision, saying, “We believe in Nass and Riyaz’s vision of making Web3 safe and accessible for companies across all industries. We are thrilled to support them in turning this vision into reality.”
This successful funding round follows a16z’s leadership in a $54 million funding round for Story Protocol, a blockchain-based intellectual property ownership platform. Earlier this year, a16z also expanded its global presence by establishing a London office in response to ongoing regulatory challenges in the United States.