Bastion | Crypto

Bastion Platforms National Trust Company will offer stablecoin custody and wallets, payment infrastructure and white-label issuance from a single federally regulated entity.  Stablecoin infrastructure provider Bastion said the Office of the Comptroller of the Currency (OCC) had granted it preliminary conditional approval for a US trust bank charter. The charter adds federal supervision from the OCC to the state licenses Bastion already holds, according to a news release on Friday. Still, the proposed bank could not accept deposits or make loans, separating it from a conventional commercial bank. Licensed as Bastion Platforms National Trust Company, it will offer stablecoin custody and wallets, payment infrastructure and white-label issuance from a single federally regulated entity. Read more

CoinShares is set to acquire investment manager Bastion Asset Management to launch actively managed crypto ETFs in the US. European crypto asset manager CoinShares is set to make another strategic acquisition as the company prepares to go public in the United States. CoinShares announced Wednesday that it will acquire London-based crypto investment manager Bastion Asset Management as part of its strategy to expand crypto investment products in the US. The deal, pending approval from the UK Financial Conduct Authority, will see CoinShares fully integrate Bastion’s trading capabilities, strategies and team into its platform. The terms of the deal were not disclosed. Read more

Coinbase Ventures led a $14.6 million round for Bastion, a startup providing white-label stablecoin issuance with backing from Sony, Samsung, A16z and others. Update (Sept. 24, 5:45 pm UTC): This article has been updated to correct the date of Bastion’s $25 million raise in September 2023. Stablecoin infrastructure startup Bastion has raised $14.6 million in a funding round led by Coinbase Ventures, the company said Wednesday. According to a Wednesday announcement, the round also saw the participation of Japanese tech giant Sony, the investment subsidiary of South Korean phone maker Samsung, the crypto arm of venture capital (VC) firm Andreessen Horowitz and crypto VC firm Hashed. Read more