a16z leads $25 Million Funding of Web3 Startup Bastion
Web3 startup Bastion has emerged from stealth mode with a $25 million initial investment round led by a16z crypto. The company is the brainchild of two former executives from Andreessen’s crypto division. Among the investors are the Laser Digital Ventures division of Nomura Group, Robot Ventures, and Packy McCormick’s Not Boring Capital.
Bastion’s Web3 ambitions with the efficacy of Web2 strength
The completion of Bastion’s seed investment round represents a major step forward in the company’s mission to usher in the era of blockchain adoption for traditional companies. The company aims to catalyse easier alignment with regulatory and compliance requirements to promote widespread adoption of blockchain technology in the business sector. They intend to manage digital transaction execution and wallet custody in accordance with different regulations all over the world.
The company’s end goal is to furnish a Web3 infrastructure, making it possible for Web2 businesses to introduce Web3 applications and services. Bastion says that it has the capacity to facilitate cost-effective transactions with the efficiency of Web2, without compromising on the growth opportunities and innovativeness of web3. The company says its routing system can determine whether or not to use the blockchain, thereby facilitating low-cost, time-efficient interactions that don’t sacrifice customer satisfaction.
While following international regulations, cryptocurrency custody and wallet management are two of Bastion’s primary offerings. Bastion has set its eyes on consumer-facing platforms in the fashion, education, and social media industries with the goal of attracting the next billion people to the blockchain.
The focus on regulatory compliance is particularly timely-the crypto industry has come under a strict regulatory environment, precipitated by the FTX collapse and the Terra scandal. As centralised storage becomes less desirable, several cryptocurrency businesses have turned to self-custody wallets to keep their funds separate from their customers’.
To improve user experiences and allow for more complex features like subscriptions, loyalty programmes, and immersive gaming experiences, Bastion offers white-label custodial wallets that integrate easily and securely with existing workflows.