Bastion, a Web3 startup founded by former Andreessen-Horowitz executives Nassim Eddequiouaq and Riyaz Faizullabhoy, aims to address barriers faced by businesses entering the industry. The company recently completed a funding round and plans to offer crypto custody, wallet management, and digital asset trading primarily to corporations.
One of the main challenges encountered by clients is the onboarding process, which is often clunky and unsafe. Faizullabhoy states that it is difficult for businesses to get onto Web3. Even after onboarding, Web3 experiences are known for having too much friction, with gas fees adding to the difficulties businesses face in understanding and forecasting their spending needs.
Moreover, businesses entering the space often lack necessary data and analytics. Faizullabhoy explains that many companies do not understand what is happening on their platforms and are missing important insights. This issue is not only limited to Web3 companies but also affects Web2 companies, which are expected to lose valuable customer insights due to the removal of third-party cookies in major operating systems and browsers.
To address these challenges, Bastion aims to improve the Web3 onboarding experience and provide clients with a better user journey. The company has built a custodial wallet infrastructure that seamlessly integrates with customers’ authentication methods, aiming for a seamless onboarding experience.
In terms of reducing friction and scalability, Bastion has developed a smart transaction routing system that routes a majority of interactions off-chain. Faizullabhoy emphasizes that not everything has to be on-chain, and certain activities will remain off-chain to save time and gas costs.
To provide businesses with valuable data and insights, Bastion has also developed a data analytics platform that collects information from both on-chain and off-chain interactions. This data will help businesses build better experiences and products in Web3.
Investors, including Andreessen Horowitz general partner Arianna Simpson, see Bastion as a potential solution to the problems of market fragmentation and accessibility in the industry. Simpson believes that Bastion’s team, with their deep domain expertise and motivation, is well-equipped to tackle these challenges.
By combining easy onboarding, off-chain transaction routing, and valuable data analytics, Bastion aims to overcome barriers and provide businesses with a smoother entry into the Web3 space. The startup’s approach to addressing core issues in Web3 adoption has garnered attention and investment, positioning them as a potential leader in the industry.