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Bastion

Provider
Crypto / Stablecoin

Embedded-finance provider tracked in the Embedded Finance Index — disclosed by 7 companies across 1 category.

bastion.com ↗Also analysed as a company — its own stack →Open Banking Tracker profile ↗
CategoriesCrypto / Stablecoin
Rank#10 of 57 in Crypto / Stablecoin
Buyers7 companies
HeadquartersCampbell, CA, USA
Founded2023
FoundersNassim Eddequiouaq, Riyaz Faizullabhoy
Raised$39.6M
RegulatoryConditional approval · Conversion to national bank

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Founders & story · from Bastion’s own dossier

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.

Latest round: Series A, 2025
Recent developments
  • 2026-09Conditional approval · Corporate Decision 1391 · 2026-09-18 — Bastion Platforms National Trust Company, conversion to national bank, OCC. Converts Bastion's trust company to a national trust bank for stablecoin custody and wallets, payment infrastructure and white-label stablecoin issuance for enterprises. [charter] source ↗
  • 2025-09Raised $14.6M led by Coinbase Ventures, with Sony, Samsung, and Hashed as investors. source ↗
  • 2025-11Published updated Privacy Policy under entity names Bastion Platforms, Inc., Bastion Platforms US, LLC, and Bastion Platforms Trust Company, LLC. source ↗
  • 2026-04Published updated subprocessor list effective April 7, 2026, disclosing BNY Mellon and Borderless Innovation Labs as financial settlement subprocessors. source ↗
Full dossier: Bastion’s own stack, layer by layer →
Charter application · Conditional approval
Bastion Platforms Trust Company, LLC → Bastion Platforms National Trust Company · Conversion to national bank · OCC · New York, NY · filed 2026-03-30.
Conditional approval · Corporate Decision 1391 · 2026-09-18
Converts Bastion's trust company to a national trust bank for stablecoin custody and wallets, payment infrastructure and white-label stablecoin issuance for enterprises.
OCC letter ↗
Who uses Bastion
7 companies disclose Bastion in their stack
Sony BankTRUST NetworkNenoFigmentFormanceBorderless.xyzYodlee
Buyer mix · 7 of 7 classified
Fintech / Crypto · 2Bank / National · 1Infrastructure / Ledger · 1Infrastructure / Open banking · 1Infrastructure / Payments · 1Vertical SaaS / SMB back-office (AI-native bookkeeping + banking) · 1
EU · 2APAC · 1Canada · 1US · 1
What the disclosures say
Sony Bank
“Bastion publicly lists Sony Bank as a customer at bastion.com (TIER 1 known_customer_listing).”
TRUST Network
“Bastion publicly lists TRUST Network as a customer at https://www.bastion.com/. Bastion is a stablecoin issuance and embedded crypto infrastructure provider.”
View source · bastion.com ↗
Figment
“Bastion publicly lists Figment as a customer at bastion.com (TIER 1).”
Borderless.xyz
“Bastion publicly lists Borderless.xyz as a customer (known_customer_listings — Bastion is a stablecoin orchestration/embedded crypto provider). borderless.xyz/ecosystem lists supported blockchains and stablecoins.”
The complete buyer list and each company’s full embedded-finance stack are in the Embedded Finance Index report. Represent Bastion? Claim this profile above to unlock your own full list.
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What Bastion runs on · from its own dossier
The third-party providers Bastion itself discloses, layer by layer — the vendor as a buyer. Distinct from the companies above that disclose Bastion.
Ledger
Formance
Treasury Management
Bank of New York Mellon
Full dossier with evidence for each layer →
Alternatives to Bastion

Other Crypto / Stablecoin providers in the index, by the number of companies that disclose them. A count of public disclosures, not a ranking of the products.

Zero Hash25 buyers →Circle21 buyers →Bridge16 buyers →BVNK13 buyers →Tempo13 buyers →Fireblocks12 buyers →MoonPay10 buyers →Lightspark9 buyers →
Share this rank

An embeddable badge for Bastion’s own site — it always shows this page’s current rank, so it stays accurate as new disclosures land. States its own denominator; never claims a number this page doesn’t.

Ranked #10 of 57 in Crypto / Stablecoin — Embedded Finance Index 2026
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Bastion — frequently asked

Which companies use Bastion?

7 companies are linked to Bastion in the Embedded Finance Index 2026, through their own public disclosures or Bastion's published customer list, including Sony Bank, TRUST Network, Neno, Figment, Formance, Borderless.xyz and Yodlee.

What does Bastion do?

Bastion is an embedded-finance provider in Crypto / Stablecoin. It ranks #10 of 57 Crypto / Stablecoin providers by linked companies.

Is Bastion a bank?

Bastion has applied for a conversion to national bank charter for Bastion Platforms Trust Company, LLC → Bastion Platforms National Trust Company with the OCC. Status: conditional approval (2026-09-18).

What are the alternatives to Bastion?

The most-named Crypto / Stablecoin alternatives to Bastion are Zero Hash (25 buyers), Circle (21 buyers), Bridge (16 buyers), BVNK (13 buyers), Tempo (13 buyers) and Fireblocks (12 buyers).

Who founded Bastion?

Bastion was founded by Nassim Eddequiouaq and Riyaz Faizullabhoy and is founded in 2023, headquartered in Campbell, CA, USA.

How much funding has Bastion raised?

Bastion has raised $39.6M in total.

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