"Stablecoin startups continue to rake in cash. The crypto company Bastion announced Wednesday that it had raised $14.6 million in a round led by Coinbase Ventures, the crypto exchange's venture fund. Bastion is a white label issuer of stablecoins, which are cryptocurrencies pegged to underlying assets like the U.S. dollar. Rather than hire lawyers to secure regulatory licenses and software developers to write code, companies hire Bastion to more easily spin up their own branded stablecoins."
"Other participants in the startup's fundraise included the venture arm of the Japanese tech giant Sony, the venture arm of the South Korean phone maker Samsung, the crypto arm of the venture capital firm Andreessen Horowitz, and the crypto VC Hashed. Nassim Eddequiouaq, cofounder and CEO of Bastion, declined to specify at what valuation his startup raised the new capital. He and his team raised $25 million in a 2023 seed round."
Bastion raised $14.6 million in a round led by Coinbase Ventures. Bastion offers white-label stablecoin issuance that lets companies launch branded stablecoins without securing licenses or building software. Investors in the round include Sony's venture arm, Samsung's venture arm, Andreessen Horowitz's crypto arm, and Hashed. Bastion previously raised $25 million in a 2023 seed round. Cofounder and CEO Nassim Eddequiouaq declined to disclose valuation. Cofounders previously worked at Andreessen Horowitz's crypto arm and on Meta's halted Libra stablecoin project. Sony's investment director described Bastion as positioned to enable corporates to launch, manage, and operate stablecoins.
Read at Fortune Crypto
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