Bastion is a white label issuer of stablecoins, which are cryptocurrencies pegged to underlying assets like the U.S. dollar. Rather than hire lawyers to secure regulatory licenses and software developers to write code, companies hire Bastion to more easily spin up their own branded stablecoins.
“Almost every week, there are some announcements of whatever company launching its branded stablecoin,” Ludovic Copéré, senior investment director at Sony’s venture fund, told Fortune. “We think Bastion is very well positioned to be this kind of glue and enabler for many corporates, many entities to launch, manage, [and] operate their stablecoins.”
Bastion’s fundraise comes as seemingly every crypto and fintech investor throws money at one of the buzziest sectors in Silicon Valley.
While Bastion and its team of 27 employees haven’t been public with what corporations are using its technology to launch stablecoins, Eddequiouaq said he’s “quite excited about the next, let’s say, eight to nine months of the company.”
