StableCOin -Infrastructure Start Bastion has raised $ 14.6 million in a new financing round led by Coinbase Ventures, the company said in a press release shared with Coindesk, which brought its total financing to over $ 40 million.
Bastion builds white-label stableecoin systems that let companies issue digital dollars without writing code or applying for regulatory licenses. The round included participation from the Venture Arms of Sony and Samsung as well as Andreessen Horowitz’s Crypto Division and Hashed.
The startup is led by Nassim Eddequiouaq, a former Meta and A16Z Crypto Executive, which worked on the weight, Meta’s now closed stablecoin project. Eddequiouaq said Bastion’s product package goes beyond simple issue: It includes wallets for users and off-ramps that allow conversion to cash in over 70 countries.
The valuation of this latest financing round was not revealed and the company raised $ 25 million back in 2023 in a round led by A16Z Crypto.
The company said it sees special traction in Asia, where the demand from corporate customers is rising. The fresh financing supports product expansion and employment. Bastion has also recently added new leadership across compliance, treasury, legal and revenue, the company says.
It positions Bastion to compete with companies like Paxos and newer players like Agora. The company refused to name which companies are currently using its platform, but Eddequiouaq said messages will come within the next nine months.
The funding comes in the midst of a wider stableecoin boom. Stripe recently acquired StableCoin Startup Bridge for $ 1.1 billion, USDC issuer Circle was announced during the summer, while leading stablecoin issuer Tether is reportedly looking up to $ 20 billion for a valuation that could be as high as $ 500 billion.
Update (September 24, 13:58 UTC): Updated story to add that Bastion said it sees traction in Asia and detailed the use of funds.
