A startup from a16z attracted $25 million in investments
Date: 2023-09-19 Author: Karina Ziganova Categories: BUSINESS
Investors include a16z itself, Laser Digital Ventures, Robot Ventures, Packy McCormick, Not Boring Capital and others.
Former head of information security at a16z crypto Nassim Eddekiouak and CTO Riyaz Faizullabhoy are behind the project. They worked for Meta Corporation for several years.
Bastion aims to simplify the process for companies to implement 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 will use the funds received to increase the scale of its activities, as well as recruit new employees and obtain additional licenses in order to further diversify its 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.
Blockchain startup Layer N has raised $5 million in a seed round led by venture capital firm Peter Thiel's Founders Fund and decentralized investment group dao5.
In the second quarter, Web3 startups attracted about $1.8 billion in venture funding, a figure down 76% compared to the same period in 2022.
