Two former executives from Andreessen Horowitz (a16z)’s crypto division have managed to lift $25 million in seed funding for his or her newly launched Web3 startup Bastion — regardless of the latest drought in enterprise capital funding.
On Sept. 18, the brand new agency, Bastion, announced the launch of its product suite. The agency’s purpose is to allow corporations to combine Web3 infrastructure into their present enterprise applied sciences.
Bastion was co-founded by two former executives with a16z’s crypto division, together with former chief know-how officer Riyaz Faizullabhoy and former chief safety officer Nassim Eddequiouaq who left the agency in April.
The $25 million funding spherical was led by their former employer, a16z crypto. Nomura Group’s Laser Digital Ventures, Robotic Ventures, Aptos Ventures, and Alchemy Ventures, had been additionally traders within the seed funding spherical.
In a press release, Bastion stated the funding shall be used to scale firm operations, recruit prime engineering expertise, and safe further licensing to additional diversify its product choices.
Bastion co-founder Faizullabhoy added that the profitable funding spherical got here regardless of an ongoing crypto winter.
“It was clear that whilst crypto got here again down into one other bear market, this time crypto may be very a lot right here to remain.”
Crypto enterprise funding has fallen dramatically this yr. In keeping with DefiLlama, there was simply $283 million in fundraising in August. That is down 68% from the $877 in crypto enterprise funding in February.
Bastion will provide custody providers, digital asset transactions, and wallets.
Bastion co-founder Eddequiouaq commented, “We based Bastion to allow companies to onboard their merchandise and end-users right into a web3 setting with out the sophisticated, overwhelming expertise we all know right this moment.”
Whereas Arianna Simpson, common companion of a16z crypto said, “We consider in Nass and Riyaz’s imaginative and prescient of constructing web3 secure and accessible for corporations in each trade and are extraordinarily excited to assist them in making it a actuality.”
Earlier this month, a16z led a funding spherical for blockchain-based mental property (IP) possession platform Story Protocol which raised $54 million.
In June the agency announced the opening of a brand new London workplace amid ongoing regulatory strain in america.