Cision PR Newswire
Former Andreessen Horowitz Executives Launch Bastion; Announce $25M in Seed Financing
News provided byBastion
Sep 18, 2023, 12:00 PM ET
NEW YORK, Sept. 18, 2023 /PRNewswire/ -- Bastion (the "Company"), an enterprise-focused web3 orchestrator, today announced the launch of its product suite, enabling companies to seamlessly integrate web3 infrastructure into enterprise technologies though a compliant, white-label platform. Using Bastion's proprietary routing system, companies can now leverage the utility of the blockchain only when necessary, providing a pragmatic solution for web3 implementation.
Bastion, founded by the former Chief Technology Officer and Chief Security Officer of a16z crypto, empowers enterprises to develop products and experiences that unlock the full potential of web3 for their end users by allowing brands to implement new, or expand existing, infrastructure. Through its comprehensive platform, the Company eliminates the need to individually source solutions such as custody, wallet management, and user onboarding. Bastion combines the simplicity of web2 with the efficiencies of web3, so businesses can create faster, easier ways for people to pay, play, connect, and shop, all while simultaneously offering valuable insights through data analytics.
Nassim Eddequiouaq, co-founder of Bastion, commented, "We founded Bastion to enable businesses to onboard their products and end-users into a web3 environment without the complicated, overwhelming experience we know today. Web3 technologies have tremendous promise, but until now have lacked the enterprise-level infrastructure necessary to support tangible web3 use cases. Additionally, the blockchain industry is at an inflection point, ready to transition into a regulated and safe environment that allows brands and enterprises to thrive. We believe that by leveraging the ease and high-quality user interfaces already working in web2, we can create more immersive and engaging products for users without disrupting the user experience."
The Company also disclosed today it has secured $25M in seed financing led by a16z crypto, with additional participation from Autograph, Laser Digital Ventures, Not Boring Capital, Robot Ventures, Alchemy Ventures, and Aptos Ventures. The seed round will be used to scale Bastion's operations, recruit top engineering talent, and secure additional licensing to further diversify Bastion's product offerings.
The Bastion product suite is supported by three key pillars that underlie its proprietary web3 infrastructure services and separates the company from other web3 infrastructure providers - ownership & monetization of digital goods, smart transaction routing, and customer analytics.
Ownership & Monetization of Digital Goods
The Bastion product suite enables deeper connections between brands and end users by fostering a sense of ownership. Unlike its competitors, Bastion has adopted a custodial wallet model to provide enterprises with the control and security to ensure their web3 initiatives are successful. With Bastion, end users receive the benefits of digital ownership without the hassle of managing a wallet. Bastion maintains the wallets private keys, allowing for on-chain transfers while also making password recovery simple for end-users. Rather than entering a 12 or 24-word seed phrase, users seamlessly log in to their accounts using their web2 credentials without ever realizing Bastion and blockchain technology are working on the back end.
Smart Transaction Routing
Smart transaction routing recognizes when a transaction requires the utility of a blockchain and when it does not, allowing transactions to be completed rapidly and economically while enhancing the customer experience. Automatically routing interactions off-chain makes more transactions free, instant, and entirely private, ultimately leveraging the best elements of web2 and web3 to maximize the user experience.
The Bastion product suite develops a deep understanding of end-users over time by compliantly accumulating data and insights, offering enhanced value to enterprises. Tracking analytics allows companies to learn from users' on-chain and off-chain activity outside of their own platform, ultimately enabling them to provide customized recommendations for products and services to end-users. By leveraging blockchain technology, these insights ultimately provide smoother interaction between web2 ecosystems.
Riyaz Faizullabhoy, co-founder of Bastion, commented, "Many of the products and services we use daily can be radically improved by blockchain technology, and we're excited to be able to provide seamless web3 experience that is intuitive and ready for mass adoption. With Bastion, startups and legacy businesses alike now have a pragmatic, accessible platform to improve complex e-commerce flows including subscriptions, buy-now-pay-later, loyalty programs, and more. We are pushing the boundaries of what enterprises can offer in an increasingly digital world, and Bastion is going to redefine how enterprises leverage this technology to improve their product offerings and user experiences."
For more information, please visit: bastion.com
Bastion is an enterprise-focused web3 orchestrator that empowers businesses to seamlessly build web3 solutions. Founded by two former a16z executives, Bastion is pioneering the evolution of the digital world, providing seamless integration of web3 infrastructure into enterprise technologies. Bastion's solution is robust, secure, and compliant infrastructure, combining the best of web2 and web3 so companies can create faster easier ways for people to pay, play, connect, and shop, all while simultaneously offering valuable insights through proprietary data analytics.
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