a16z Web3-focused Startup Raises $25M

Bastion, a Web3 company founded by former executives from a16z crypto, has successfully raised $25 million in seed funding.

Notable investors include a16z itself, as well as Laser Digital Ventures, Robot Ventures, Packy McCormick, Not Boring Capital, and others.

The company is headed by Nassim Eddequiouaq, former CISO at a16z crypto, and Riyaz Faizullabhoy, former CTO at a16z crypto. Both also have experience working at Meta Corporation. Bastion’s goal is to simplify the adoption of blockchain technology for companies and attract new users.

Co-founder Nassim Eddequiouaq stated:

“We see Bastion as the perfect platform for consumer brands entering the Web3 space, such as Nike and Starbucks, to create seamless and engaging experiences similar to those on Web2.”

The funding will be used to expand Bastion’s operations, hire new employees, and obtain additional licenses in order to diversify their services.

Bastion’s unique “intelligent routing” system allows for transactions to be processed either on-chain or off-chain, providing scalability and efficiency for enterprise clients.