Coinbase Ventures Leads $14.6M Funding Round For Stablecoin Startup Bastion

New York-based crypto startup Bastion announced on Wednesday that it had raised $14.6 million in a round led by Coinbase Ventures, the crypto exchange’s venture fund.

The company did not disclose the valuation for this latest round. The announcement comes shortly after Bastion closed a $25 million funding round led by Andreessen Horowitz earlier this month. The company said it had been “building in stealth mode” for months before the funding rounds.

Bastion enables businesses to launch their own branded stablecoins without navigating complex regulatory requirements or building proprietary software. Other participants in the round included Sony Ventures, Samsung Ventures, Andreessen Horowitz’s crypto arm, and VC firm Hashed.

The startup is led by CEO Nassim Eddequiouaq, a former Meta (META) and a16z crypto executive who worked on the Libra stablecoin project, Meta’s now-defunct stablecoin. Eddequiouaq said the company is scaling to meet growing demand from large enterprises for regulated stablecoin infrastructure.

Coinbase Ventures has been ramping up its investments in the crypto startup ecosystem this year, targeting companies that span decentralized finance, Web3 infrastructure, and payments. Its portfolio includes Billions Network, which has raised $30 million from Coinbase Ventures, Polychain Capital, Polygon, Liberty City Ventures, and Bitkraft. Coinbase’s investment arm has also backed startups such as Stablecore, OpenMind, Rialo, and XMTP, each with funding rounds of around $20 million.

Shares of Coinbase (COIN) rose nearly 2% in morning trading. However, Retail sentiment around the crypto exchange dipped to ‘bullish’ from ‘extremely bullish’ territory while chatter remained at ‘high’ levels over the past day.

Read also: Tether CEO Confirms Targeting Up To $20B Fundraise, Valuation Could Rival OpenAI

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