Stablecoin infrastructure startup Bastion has raised $14.6 million in its latest funding round led by Coinbase Ventures.
The round also includes participation from Japanese tech giant Sony, the investment arm of South Korean phone maker Samsung, and venture capital firm Andreessen Horowitz’s (a16z) crypto arm Hashed, according to an announcement on Wednesday.
Bastion is developing a platform that allows companies to issue stablecoins without having to obtain their own licenses or build out specialized infrastructure.
To date, the company has raised about $40 million, including a $25 million round led by a16z in September 2023 after months of silence.
Unlike most crypto projects, Bastion is built specifically to issue stablecoins for third parties. In fact, it offers more than just issuance, including a white-label service with APIs that support custodial wallets, smart transaction routing, and data analytics.
Bastion co-founder and CEO Nassim Eddequiouaq said demand for stablecoin infrastructure is growing, particularly from large enterprises looking for compliance, security and cost-effective solutions.
Global corporate interest in stablecoins is now becoming more evident.
Earlier this week, Bullish Europe became the first platform to offer a stablecoin backed by financial giant Société Générale, while the Central Bank of Kazakhstan also announced a stablecoin pilot project with Solana and Mastercard.
