Bastion, the financial institution for regulated stablecoin services, today announced a strategic relationship with Sony Bank Inc. (“Sony Bank”). Together, Bastion and Sony Bank will provide stablecoin services for Sony affiliates with Bastion responsible for stablecoin issuance, reserve management, and custody at scale for Sony Bank.
“The evolution of our financial system demands the buy-in of major players like Sony Bank to pave the way for innovation and change,” said Nassim Eddequiouaq, CEO of Bastion. “Sony’s decision to partner with Bastion is a powerful endorsement of our mission to build the infrastructure for a stablecoin-powered future, and a positive indication for enterprise adoption of stablecoins. Together, Bastion and Sony Bank are laying the groundwork for a more programmable, efficient and cohesive global financial system.”
As Sony Bank’s sole issuance provider, Bastion will lead the way for the Tokyo-based bank to expand into the digital asset landscape globally. Bastion will manage the issuance of stablecoins backed by the U.S. dollar, reserve management, and custody, acting as the designated service provider for Sony Bank’s inaugural entrance into the market.
“We are truly delighted to see our Sony Innovation Fund portfolio company Bastion named as Sony Bank’s strategic provider as the company expands into digital assets. Together they will bring stablecoins to the mass market and set the tone for enterprise adoption of digital assets,” added Kazuhito Hadano, CEO, Sony Ventures Corporation.
Bastion is the financial institution that powers secure, compliant stablecoin issuance, wallets, on/off ramps, cards, and yield products for enterprises and financial institutions. The partnership with Sony Bank comes on the heels of Bastion’s recent strategic raise, which included investment from Sony Innovation Fund, Coinbase Ventures, a16z crypto, Samsung NEXT, and Hashed, further underscoring conviction in Bastion’s platform to power the next generation of financial infrastructure.
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Author: coinmaker