An Andreessen Horowitz-backed startup bent on bringing blockchain technology to the corporate world has managed to raise new funds, despite the bear market in digital assets.
Bastion, co-founded by two former executives with Andreessen’s crypto division, came out of stealth mode Monday with a seeded funding round worth $25 million led by a16z crypto. Investors also include Nomura Group’s Laser Digital Ventures, Robot Ventures and crypto influencer Packy McCormick’s Not Boring Capital, among others.
“It was clear that even as crypto came back down into another bear market, this time crypto is very much here to stay,” Faizullabhoy said in an interview. “We’ve long held the view that for web3 to reach its full potential, the space needs compliant, secure custodial wallet infrastructure for NFTs and tokens,” Arianna Simpson, general partner at a16z crypto said in a statement, “Bastion is building exactly this.”
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