Coinbase Ventures, Sony, Samsung Invest $14.6M in Bastion Stablecoin Infrastructure Platform

Bastion, a stablecoin infrastructure provider, has secured $14.6 million in a strategic funding round. The investment was spearheaded by Coinbase Ventures, with significant participation from Sony Ventures and Samsung Next. Other notable backers include Andreessen Horowitz's a16z crypto fund and Hashed. Bastion offers white-label solutions that enable businesses to launch their own digital dollar stablecoins without the need for complex coding or navigating regulatory licensing processes. The startup is helmed by Nassim Eddequiouaq, a former executive from Meta and a16z who contributed to the Libra project. Bastion's comprehensive platform extends beyond issuance to include user wallets and global off-ramp services for converting to fiat currency in more than 70 nations. This latest funding follows a $25 million round led by a16z crypto in 2023, positioning Bastion to compete with established players like Paxos and newcomers like Agora. The news arrives during a significant surge in stablecoin market activity, highlighted by Stripe's acquisition of Bridge, Circle's public listing, and Tether's potential $20 billion raise.