Stablecoin Bastion Infrastructure’s striptepture has raised $ 14.6 million in a new financing cycle led by Coinbase Ventures, the company said in a shared press release with Coindesk, bringing its total funding to more than $ 40 million.
Bastion builds white Stablecoin systems that allow companies to issue digital dollars without writing code or requesting regulatory licenses. The Tour included the participation of the risk capital weapons of Sony and Samsung, as well as the cryptographic division of Andreessen Horowitz and chopped.
The startup is led by Nassim Eddequiouaq, a former manager of Crypto Meta and A16z who worked on Balance, the Stablecoin project now disappeared from Meta. Eddequiouaq said that the suite of bastion products goes beyond the simple emission: it includes portfolios for users and out of ramps which allow conversion to collection in more than 70 countries.
The evaluation of this last financing cycle was not revealed, and the company raised $ 25 million in 2023 in a round led by A16Z Crypto.
The company said that it saw a particular traction in Asia, where the demand from business customers is increasing. The new funding will support the expansion and hiring of products. Bastion has also recently added a new leadership through compliance, treasury, legal and income, the company said.
This positions Bastion to compete with companies like paxos and more recent players like Agora. The firm refused to appoint companies that are currently using its platform, but Eddequiouaq said the announcements were coming in the next nine months.
Funding comes in the middle of a wider stable boom. Stripe recently acquired a Stablecoin start -up bridge for $ 1.1 billion, the USDC circle of transmitters became public during the summer, while the first stable transmitter, Tether, would seek to collect up to $ 20 billion during an assessment of up to $ 500 billion.
Update (September 24, 13:58 UTC): A story updated to add that Bastion said he saw the traction in Asia and details the use of funds.
