Bastion, which offers a Stablecoin-as-a-Service platform, has raised a $14.6 million funding round led by Coinbase Ventures. Other participants include Sony Innovation Fund, a16z crypto, Samsung Next and Hashed. This brings total funds raised to $40 million.
The company’s solution helps enterprises and financial institutions to issue, hold and utilize stablecoins, including solutions for reserve management. Bastion says it holds a limited trust charter from the New York State Department of Financial Services (NYDFS), although it is not yet listed on the NYDFS website.
“We’ve seen meaningful growth at Bastion over the last year, and we’re encouraged by the overwhelming interest and engagement from major industry stakeholders and enterprises,” said Caroline Friedman, Bastion COO. While Friedman highlighted this growth, the company has not yet disclosed specific client names. Given this was a strategic funding round, the motivations of its Asian backers warrant examination.
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