Bastion, a newly launched Web3 startup co-founded by two former executives from Andreessen Horowitz‘s digital assets venture division a16z Crypto, has secured $25 million in a seed funding round despite recent challenges in the venture capital landscape.
In an official press release on September 18, the company announced that its former employer, a16z Crypto, led the funding round. The round also included investments from prominent companies, including Nomura Group’s Laser Digital Ventures, Robot Ventures, Aptos Ventures, and Alchemy Ventures.
The funding achievement comes at a time when the crypto market is experiencing a downturn in venture funding. According to DefiLlama, August saw only $283 million in fundraising, a substantial 68% drop from the $877 million recorded in February.
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