Bastion Raises $25 Million in Funding Round to Simplify Blockchain Adoption for Traditional Businesses
Despite the current downturn in the crypto market, startup Bastion has successfully secured $25 million in a funding round led by a16z crypto, the crypto arm of Andreessen Horowitz. Bastion, co-founded by former executives of a16z crypto, aims to make blockchain technology more accessible to conventional businesses.
The startup recently emerged from stealth mode and plans to use the funding to bridge the gap between traditional companies and the decentralized web3 world. Bastion recognizes untapped demand from sectors like fashion, education, and social media for blockchain adoption.
To facilitate this transition, Bastion will provide compliant custodial wallet infrastructure for tokens and NFTs. However, the company faces challenges due to complex regulatory environments, particularly in the US. In anticipation of these obstacles, Bastion has hired regulatory and compliance executives from established crypto exchanges.
Hot Take: Simplifying Blockchain Adoption for Conventional Businesses
Bastion’s $25 million funding round led by a16z crypto demonstrates its commitment to simplifying blockchain adoption for traditional businesses. By offering compliant custodial wallet infrastructure for tokens and NFTs, Bastion aims to attract “the next billion” users into the world of web3.
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