September 19, 2023

Web3 Company Bastion Secures $25 Mln in Seed Funding

Bastion Cofounders

Bastion Cofounders

Bastion, a Web3 company, has announced that it has raised $25 million in seed funding after coming out of stealth mode.

The funding round was led by a16z Crypto, with support from Autograph, Laser Digital Ventures, Not Boring Capital, Robot Ventures, Alchemy Ventures, and Aptos Ventures.

The company was founded by former Andreessen Horowitz (a16z) CTO and CSO and aims to simplify the process for enterprises to use blockchain technology through its white-label platform, which combines the simplicity of web2 with the efficiencies of web3. By eliminating the need for individual solutions such as custody, wallet management, and user onboarding, Bastion makes it easier for businesses to adopt blockchain technology.

Co-founder Nassim Eddequiouaq stated that their company was created to simplify the process of bringing products and end-users into a web3 environment for businesses.

“Web3 technologies have tremendous promise, but until now have lacked the enterprise-level infrastructure necessary to support tangible web3 use cases. The blockchain industry is also at an inflection point, ready to transition into a regulated and safe environment that allows brands and enterprises to thrive. We believe that by leveraging the ease and high-quality user interfaces already working in web2, we can create more immersive and engaging products for users without disrupting the user experience,” Eddequiouaq added.

Meanwhile, Co-founder Riyaz Faizullabhoy noted that blockchain technology has the potential to enhance many products and services significantly, and the company aims to promote its mass adoption.

Bastion provides a practical and user-friendly platform for both new and established businesses to enhance their e-commerce processes. This includes streamlining subscriptions, facilitating buy-now-pay-later options, and managing loyalty programs. By leveraging this technology, Bastion is helping enterprises offer innovative solutions in the digital age. It is set to redefine how businesses use technology to improve their products and customer experiences.

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