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About Bastion
Bastion is a regulated infrastructure provider for stablecoin operations, offering custody, issuance, and compliance services. Its platform enables enterprises to launch branded stablecoins, manage reserves, and execute fiat-to-stablecoin conversions across 60+ countries. The company holds money transmitter licenses in multiple U.S. states and operates as a limited-purpose trust company under New York State regulation. Core offerings include institutional-grade key management via cloud HSM and enclave technology, built-in sanctions screening, transaction monitoring, and KYC/KYB checks. Bastion also supports cross-border payments and treasury optimization for businesses. No significant negative developments were reported in the past two years.
Bastion, a crypto infrastructure provider, was founded by Riyaz Faizullabhoy and Nassim Eddequiouaq, former security leads at Anchorage and Meta's Novi wallet, with backing from a16z crypto. Its key milestones include a $25M seed round led by a16z crypto in 2023, establishing its regulatory-first approach. In 2025, Sony Bank selected Bastion as its exclusive stablecoin issuance infrastructure partner, marking a significant enterprise adoption milestone. Bastion operates under a New York Limited Purpose Trust Charter (Dibbs Trust), positioning it for compliance with the GENIUS Act. The company focuses on white-label stablecoin issuance, custody, and payment infrastructure for enterprises, avoiding proprietary stablecoins to serve clients globally.
Over the past six months, Bastion has advanced its stablecoin infrastructure with several key milestones. The company expanded its global off-ramp coverage to 42 countries across Europe, LATAM, and APAC, enabling seamless fiat-to-stablecoin and stablecoin-to-stablecoin conversions through a unified orchestration layer. In a significant regulatory move, Bastion filed an application with the OCC to convert its New York State trust charter into a national trust bank charter, aiming to streamline compliance across U.S. states. Product-wise, Bastion launched a unified orchestration layer integrating fiat/stablecoin conversions, virtual accounts, custody, compliance, liquidity, and reporting, plus an Identity & Account Status API for real-time compliance signals.
Looking ahead, Bastion's roadmap focuses on deepening its modular, chain-agnostic platform, allowing clients to use Bastion wallets or bring their own, support multiple stablecoins and networks, and integrate preferred providers. The company plans to further expand its global payment network and enhance its compliance-first architecture, positioning itself as a full-stack solution for enterprises launching stablecoin programs, with flexibility to avoid fragmentation while scaling operations.
Co-founders:
Riyaz Faizullabhoy (Co-founder): Former Security Engineer at Docker, Security Infrastructure at Meta (Blockchain), CISO Crypto at Andreessen Horowitz.
Nassim Eddequiouaq (Co-founder): Former Security Engineer at Apple/Docker, Digital Asset Custody at Meta, CISO Crypto at a16z.
Core executives:
Caroline Friedman (COO): Former Chief of Staff at a16z crypto, ex-federal prosecutor at USDOJ.
Rohan Kohli (Chief Risk & Compliance Officer): Former CRO & CCO at Gusto.
Beth Gibson (Deputy General Counsel): Former Managing AGC Regulatory at Western Union, ex-US Attorney.