Bastion
Also a provider — view Bastion’s profile →“Can a regulated, enterprise-grade stablecoin infrastructure platform become the default backend for banks and fintechs issuing and moving stablecoins globally?”
Founded2023
HQCampbell, CA, USA
FoundersNassim Eddequiouaq, Riyaz Faizullabhoy
Total raised$39.6M
Latest roundSeries A, 2025
IndustryInfrastructure / BaaS
The story
Founded in 2023 by former a16z crypto CSO and CTO, Bastion launched as an enterprise-grade wallet-as-a-service platform. It evolved from generic web3 infrastructure into a regulated stablecoin issuance and custody stack — spanning on/off-ramps, payments, and treasury settlement. The pivot toward regulated infrastructure culminated in the formation of Bastion Platforms Trust Company, LLC (pending NYDFS approval), positioning Bastion as institutional-grade rather than permissionless crypto.
Last 12 months
Product timeline
2023
Bastion launched by former a16z crypto executives Nassim Eddequiouaq and Riyaz Faizullabhoy with $25M in seed funding, offering enterprise-grade wallet and web3 infrastructure APIs.· pivot
2025
Raised $14.6M led by Coinbase Ventures with Sony and Samsung participation to expand stablecoin infrastructure.· banking
2025
Selected to provide infrastructure for Sony Bank's stablecoin initiative.· banking
Regulated entities
1
regulatory licence held by Bastion
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
4 layers disclosed in Bastion’s embedded-finance stack
Payments / PSP
Bastion Payments (self-operated)
Banking / BaaS
in the full report
Ledger
in the full report
Crypto
in the full report
Accounting gap: minor
4 more providers across 3 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.