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- Coinbase Ventures leads $14.6M funding in Bastion to scale infrastructure and stablecoin offerings.
- Bastion focuses on compliant stablecoin solutions, securing an NYDFS trust charter for regulatory standards.
- Stablecoin market surges, with Morgan Stanley forecasting growth to $2 trillion by 2028, driven by institutions.
Bastion, a licensed stablecoin issuer company, has raised $14.6 million through Coinbase Ventures as the leading investor, according to a press release. Sony Innovation Fund, a16z crypto, and Samsung Next, as well as Hashed, were also included during this round. Bastion has invested more than $40 million with this financing. The capital will assist the company to scale its infrastructure as well as its offerings.
Bastion enables enterprises to issue, store, and integrate stable coins and maintain complete regulatory compliance. The company was started by Nassim Eddequiouaq and Riyaz Faizullabhoy, both former members of the crypto team at a16z, and had an early intended purpose of advancing the use of Web3. However, in response to growing institutional demand, it transitioned to stablecoin infrastructure.t
Coinbase’s Shan Aggarwal Backs Bastion as Stablecoin Innovator
CEO Nassim Eddequiouaq emphasized the necessity of controlled stablecoin solutions, which were becoming vital. According to him, the company is in a position to sustain this demand, which has been increased due to the mainstream adoption of digital assets and stablecoins across sectors. Bastion aims to assist companies in creating financial products within this quickly evolving environment, he said.
The Chief Business officer of Coinbase, Shan Aggarwal, stated that the enterprises required secure and scalable infrastructure. He referred to Bastion as a change-maker due to the fact that the products offered by the company support the emerging institutional demand for stablecoins. He further added that Coinbase makes further investments in firms that prioritize safety and scalability within the digital assets sector.
Source: Coinbase
Bastion Secures NYDFS Trust Charter, Strengthening Regulatory Compliance
Although other companies in the stablecoin market care about regulatory compliance, Bastion focuses on the issue, distinguishing it. The firm got a New York Department of Financial Services trust charter, which offered a robust basis to operate. This would be the step to make sure that Bastion can provide enterprises with compliant choices and uphold the utmost financial standards.
The investment follows great expansions in the stablecoin market. Morgan Stanley identified the recently developed stablecoins as the fastest growing phenomenon in global finance. The bank estimates the market to keep increasing to over 2 trillion as compared to the current state of $300 billion. The institutional adoption is the main growth prediction, which means that the global financial systems will largely change.
Bastion’s approach allows it to benefit from this market growth. With the growing pressure to safeguard token systems, the business has a good standing to offer necessary services to an organization. Bastion may play a crucial role in the future of financial products and services through its involvement in the digital asset ecosystem.
Also Read: CFTC’s Bold Move: Stablecoins as Collateral in U.S. Derivatives Markets
