According to Cointelegraph, two former executives from Andreessen Horowitz (a16z)'s crypto division have raised $25 million in seed funding for their new Web3 startup, Bastion. The funding round was led by a16z crypto, with participation from Nomura Group's Laser Digital Ventures, Robot Ventures, Aptos Ventures, and Alchemy Ventures. Bastion aims to enable companies to integrate Web3 infrastructure into their existing enterprise technologies.
Co-founded by former a16z crypto executives Riyaz Faizullabhoy and Nassim Eddequiouaq, Bastion plans to use the funding to scale operations, recruit top engineering talent, and secure additional licensing to diversify its product offerings. The startup will offer custody services, digital asset transactions, and wallets. Despite a significant drop in crypto venture funding this year, Bastion's successful funding round demonstrates the continued interest in the crypto space.
A16z crypto has also recently led a funding round for blockchain-based intellectual property ownership platform Story Protocol, which raised $54 million. The firm also announced the opening of a new London office in June amid ongoing regulatory pressure in the United States.