Web3 startup co-founded by former a16z crypto execs raises $25 million: report

Bastion, a startup co-created by two former a16z crypto executives, has raised $25 million in a seed round, Bloomberg News reported.

a16z crypto led the round, which had additional participation from Laser Digital Ventures, Robot Ventures, Packy McCormick, Not Boring Capital and more, Bloomberg reported. 

Bastion smooths the process for firms to adopt blockchain-based technology and onboard web3 users. "We see Bastion as the ultimate destination for consumer brands entering web3, like Nike and Starbucks, to build frictionless and fun experiences that feel like web2," the firm's co-founders told The Block. "Our Smart Transaction Routing system intelligently chooses whether transactions are on or off-chain which delivers scalability and cost-efficiency for enterprises, and instant transaction times for users, removing any friction to implementing web3 technologies into a business."

The company has already hired regulatory and compliance executives, co-founder Nassim Eddequiouaq told Bloomberg.

Prior to joining a16z Crypto, Eddequiouaq and co-founder Riyaz Faizullabhoy also worked in Meta's Security Infrastructure for Blockchain sector for two years, according to their LinkedIn profiles. 

(Corrects story to show the company's first hires included regulatory and compliance executives; updates with quote.)