Bastion plans to use the funds to scale its operations, attract top engineering talent, and secure additional licensing to diversify its product offerings.
Bastion, a newly launched Web3 startup co-founded by two former executives from Andreessen Horowitz‘s digital assets venture division a16z Crypto, has secured $25 million in a seed funding round despite recent challenges in the venture capital landscape.
In an official press release on September 18, the company announced that its former employer, a16z Crypto, led the funding round. The round also included investments from prominent companies, including Nomura Group’s Laser Digital Ventures, Robot Ventures, Aptos Ventures, and Alchemy Ventures.
The funding achievement comes at a time when the crypto market is experiencing a downturn in venture funding. According to DefiLlama, August saw only $283 million in fundraising, a substantial 68% drop from the $877 million recorded in February.
Web3 Startup Bastion’s Plans for the New Funds
Co-founded by Riyaz Faizullabhoy and Nassim Eddequiouaq, former CTO and CSO at a16z crypto, Bastion disclosed its intentions for the new capital. The company plans to use the funds to scale its operations, attract top engineering talent, and secure additional licensing to diversify its product offerings.
The Web3 company said the fundraising was accompanied by the launch of its product offerings on September 18. With the products, the newly launched startup firm aims to empower enterprises to seamlessly integrate Web3 infrastructure into their existing technologies, thereby harnessing the full potential of blockchain technology.
“We founded Bastion to enable businesses to onboard their products and end-users into a web3 environment without the complicated, overwhelming experience we know today. Web3 technologies have tremendous promise but so far have lacked the enterprise-level infrastructure necessary to support tangible web3 use cases,” said Nassim Eddequiouaq, co-founder of Bastion.
Bastion to Offer Custody Services to Customers
According to the Monday press release, the company said its business offerings will encompass custody services, smart transactions, and user-friendly wallets to simplify the often complex and overwhelming experience of transitioning to the Web3 environment for businesses.
The company said it combines the simplicity of Web2 with the efficiencies of Web3 so businesses can create faster, easier ways for people to pay, play, connect, and shop while offering valuable insights through data analytics.
Arianna Simpson, General Partner of a16z crypto, expressed strong support for Bastion’s vision, stating:
“We believe in Nass and Riyaz’s vision of making web3 safe and accessible for companies in every industry and are extremely excited to support them in making it a reality.”
Meanwhile, it is worth noting that a16z crypto’s involvement in venture funding is not new. The company previously led a funding round for Story Protocol, an intellectual property (IP) ownership platform that raised $54 million earlier this year.
In June, the venture capital giant also led another funding round for Gensyn, a provider of blockchain-based computing resources for artificial intelligence (AI) platforms. The company secured $43 million from a16z and other institutional investors.
That same month, the US-based financial investment company announced international expansion plans by opening a new London office, a strategic move in response to ongoing regulatory pressures in the United States.
Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.
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