Web3 company Bastion, founded by former a16z crypto executives, has closed a $25 million seed round of funding.
Investors include a16z itself, Laser Digital Ventures, Robot Ventures, Packy McCormick, Not Boring Capital and others.
Behind the project are ex-chief information security director of a16z crypto Nassim Eddekiouak and CTO Riyaz Faizullabhoy. They also worked for Meta Corporation for several years.
Bastion is designed to make it easier for firms to adopt blockchain-based technologies and attract new users.
“We see Bastion as the ideal place for consumer brands coming to Web3, like Nike and Starbucks, to create convenient and engaging experiences similar to Web2,” said startup co-founder Nassim Eddekiouak.
The company uses the funds received to scale its activities, attract new employees and obtain additional licenses for further diversification of services.
Bastion’s “intelligent routing” system selects whether transactions occur on-chain or off-chain, providing scalability and efficiency for enterprise customers.
“Automatically routing off-chain interactions makes more transactions free, instant and completely private, ultimately leveraging the best elements of Web2 and Web3 for the ultimate user experience,” the project noted.
Previously, the blockchain startup Layer N raised $5 million in a seed round led by Peter Thiel’s Founders Fund venture company and the decentralized investment group dao5.
Let’s remember that in the second quarter, Web3 startups attracted about $1.8 billion in venture funding – a figure decreased by 76% compared to the same period in 2022.
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