Bastion has announced the acquisition of Dibbs Trust Company, with a new charter from the New York Department of Financial Services (NYDFS) enabling regulated stablecoin issuance for enterprises. The announcement was made in a press release on February 24.
The acquisition responds to the growing demand for regulated stablecoin platforms within the financial industry. Nassim Eddequiouaq, Co-Founder and CEO of Bastion, said, "With NYDFS oversight, we’re building on the most trusted regulatory framework to provide secure, innovative solutions," emphasizing Bastion's commitment to compliance following its acquisition of Dibbs Trust Company and NYDFS charter approval. This move aligns with a broader effort to integrate stablecoins into enterprise financial services under strict regulatory standards.
According to Chainalysis, stablecoins account for over two-thirds of the trillions of dollars in cryptocurrency transactions recorded in recent months. Their popularity is attributed to their ability to facilitate faster and cheaper cross-border payments compared to traditional banking systems, especially in regions with unstable local currencies.
Businesswire reports that Dibbs Trust Company is an enterprise-grade tokenization platform specializing in transforming physical assets into digital tokens. As a subsidiary of Dibbs Group, the company focuses on providing secure and compliant solutions for asset-backed non-fungible tokens (NFTs).
Bastion, founded in 2021 by Eddequiouaq and Riyaz Faizullabhoy, is a fintech company focused on providing a compliant platform for stablecoin issuance and management. The company offers enterprise-grade solutions such as custodial wallets, smart transaction routing, and application programming interfaces (APIs) for fiat on-ramps and cross-chain conversions, serving financial institutions globally. In 2023, Bastion raised $25 million in a seed round led by Andreessen Horowitz's crypto fund (a16z crypto) to expand its mission of making web3 infrastructure accessible and secure for businesses.
