Coinbase, Sony and Samsung Back $14.6M Round for Stablecoin Startup Bastion

Stablecoin infrastructure startup Bastion has raised $14.6 million in a new funding round led by Coinbase Ventures Fortune ￰0￱ builds white-label stablecoin systems that let companies issue digital dollars without writing code or applying for regulatory ￰1￱ round included participation from the venture arms of Sony and Samsung as well as Andreessen Horowitz’s (a16z) crypto division and ￰2￱ startup is led by Nassim Eddequiouaq a former Meta and a16z crypto executive who worked on Libra

Meta’s now-defunct stablecoin ￰3￱ said Bastion’s product suite goes beyond simple issuance: it includes wallets for users and off-ramps that allow conversion to cash in over 70 ￰4￱ valuation of this latest funding round wasn’t revealed and the company raised $25 million back in 2023 in a round led by a16z ￰5￱ positions Bastion to compete with firms like Paxos and newer players like ￰6￱ firm declined to name which corporations are currently using its platform but Eddequiouaq said announcements are coming within the next nine ￰7￱ funding comes amid a broader stablecoin ￰8￱ recently acquired stablecoin startup Bridge for $1.1 billion USDC issuer Circle went public over the summer

while leading stablecoin issuer Tether is reportedly looking to raise up to $20 billion at a valuation that could be as high as $500 billion.