【Bastion】API-first comprehensive stabled coin infrastructure platform / Raised over $40M total from a16z, Coinbase Ventures and others / @BastionPlatform

Key features include issuance services, custody wallet, on/off ramp, card linking and lending, and other extensions, with proprietary smart routing technology for fast, low-cost transactions

Good morning.
I am mitsui, a web3 researcher.

Today I researched “Bastion”.

What is Bastion?
transition and outlook
Stablecoin is becoming more popular.

---

🧵TL;DR

• Bastion is a comprehensive API-first stablecoin infrastructure that provides a one-stop shop for issuance, storage, remittance, and usage, and supports regulatory-compliant white-label issuance.

• Key features include issuance services, custody wallet, on/off ramp, card linking and lending, and other extensions, and proprietary smart routing technology for fast and low-cost transactions.

• Founded in 2023, NYS-licensed and operating, has raised over $40 million in cumulative funding from a16z, Coinbase Ventures, and others, and has partnered with HIFI, Borderless, and others to drive adoption at the financial institution level.

---

What is Bastion?

Bastion is a comprehensive API-first stablecoin infrastructure platform that provides a one-stop shop for companies to issue, store, transfer, and utilize stablecoins within their own ecosystem.

We are developing a white label solution that allows you to issue and operate your own branded stablecoins without the need to write code or obtain your own regulatory license.

Stablecoin-as-a-Service

This service allows companies to issue and manage their own branded stablecoins end-to-end.

It offers regulated stable coin issuance under a New York State trust charter (trust company license) (currently pending approval for issuance by the NYDFS) and easy reserve and liquidity management.

Compliance support (various licenses, KYC/KYB, AML) is also built-in, eliminating the need for additional regulatory support on the part of the issuing company. Smart contract management functions and an API for mint/burn (issue and amortization) are also provided. For example, by verifying user identity information when creating new accounts via the API and monitoring subsequent transactions in real time, companies can provide services with peace of mind without additional compliance burdens.

Custody

Provide custodial wallet functionality for end users via API.

Businesses can integrate this API to quickly launch their own branded digital asset wallet. Customer assets are securely stored in a bankruptcy-isolated custody environment (based on MSB registration and state money transfer license by Bastion Platforms US, LLC), with key management, policy (usage rights) management, and compliance (KYC/AML) handled on the Bastion side.

The entire platform is designed with financial institution-grade security in mind, as the founding team has experience building Anchorage Digital’s security infrastructure.

On-ramp/off-ramp

This service provides seamless deposits and withdrawals (on/off-ramps) between legal tender and stable coins.

Bastion is a neutral platform that does not depend on any particular stablecoin, and can support not only its own coins but also those issued by other companies.

Stable Coin Utilization

An extension to leverage digital assets published and stored on the Bastion platform for real-world use cases.

The plan includes direct stable coin settlement (card payment) through debit card integration, crypto asset lending to invest surplus funds, and a crypto asset trading service, all of which are currently in the private beta stage.

Another technology unique to Bastion is the smart routing of transactions. While transactions on the blockchain can in some cases result in higher fees and processing delays, Bastion has introduced a mechanism that allows transactions that do not need to be processed on-chain to be processed off-chain immediately and without fees, depending on the nature of the transaction.

Off-chain transactions that can be completed within the trusted area, such as balance transfers between users, are performed off-chain, while only the necessary portions are recorded on the blockchain. This enables both a faster user experience and reduced costs, and processes that previously required multiple on-chain transactions are optimized on the back-end.

As described above, Bastion is a comprehensive platform that supports stablecoin issuance, storage, deposit/withdrawal with legal tender, and usage.

All of these services are available via APIs for developers, allowing companies to integrate Bastion’s functionality into their apps and services to provide a seamless experience for their users.

---

Transition and Outlook

Bastion is a corporate stabled coin infrastructure company founded in 2023. Headquartered in New York, USA, Bastion operates under license from the New York State Department of Financial Services (NYDFS).