- Former Andressen Horowitz executives launched Bastion, an enterprise-focused Web3 orchestrator that secured $25 million in a funding round.
- Bastion plans to help Web2 companies utilize blockchain technology in their business.
- The enterprise-focused startup secured $25 million in seed financing amidst crypto winter.
Bastion Launches its Enterprise-Focused Product Offering
Bastion, a Web3 orchestrator platform founded by two former executives of a16z, announced the launch of its product suite in a press release on Monday.
The former Chief Technology Officer and Security Officer of a16z founded the Web3 startup. On Monday, Bastion announced the launch of its product suite. The Web3 startup aims to help companies integrate Web3 infrastructure into existing Web2 technologies. As a compliant white-label platform, Bastion seeks to empower enterprises to build products that unveil the full benefits of Web3 for their users.
With its product offerings, Bastion provides a seamless approach to mass adoption by helping companies leverage and integrate blockchain technology into existing products.
Bastion seeks to resolve any challenges that may hinder the smooth implementation of blockchain technology through its scalable and cost-efficient smart transaction routing system.
“We founded Bastion to enable businesses to onboard their products and end-users into a web3 environment without the complicated, overwhelming experience we know today. Web3 technologies have tremendous promise, but until now have lacked the enterprise-level infrastructure necessary to support tangible web3 use cases,” The co-founder of Bastion, Nassim Eddequiouaq, stated.
The firm aims to improve existing enterprises’ product offerings and user experience by providing a seamless experience for companies.
“Many of the products and services we use daily can be radically improved by blockchain technology, and we’re excited to be able to provide a seamless web3 experience that is intuitive and ready for mass adoption. With Bastion, startups, and legacy businesses alike now have a pragmatic, accessible platform to improve complex e-commerce flows, including subscriptions, buy-now-pay-later, loyalty programs, and more. We are pushing the boundaries of what enterprises can offer in an increasingly digital world, and Bastion is going to redefine how enterprises leverage this technology to improve their product offerings and user experiences,” Riyaz Faizalluabhoy commented.
Bastion Platform Secures $25M in Seed Funding Amid Decline in Venture Capital Funding
Bastion revealed that it secured $25 million in a funding round led by Andreessen Horowitz (a16z) with participation from Autograph, Laser Digital Ventures, Not Boring Capital, Robot Ventures, Alchemy Ventures, and Aptos Ventures.
In a statement, the Web3 orchestrator said the fund will be used to recruit top engineering talent, scale company operations, and secure licensing to diversify its product offerings.
The startup successfully secured a significant amount from venture capitalists amidst the dwindling investment rate in Web3 startups.
Riyaz Faizalluabhoy, co-founder of Bastion, acknowledges the declining rate of investments in Web companies.
“It was clear that even as crypto came back down into another bear market, this time crypto is very much here to stay,” he said.
According to DeFiLama, crypto venture funding is down by 68%. Amidst the venture capital investment drought, a16z continues to provide financial support for Web3 startups.
