Bastion's COO Caroline Friedman Says "Regulatory Compliance Key to Building Customer Trust"

Published: December 04, 2023 at 8:55 am Updated: December 04, 2023 at 9:52 am

In Brief

In a recent chat with Metaverse Post, Bastion’s new COO Caroline Friedman shared insights into strategic significance of the role and her vision for the company.

Web3 startup Bastion recently appointed Caroline Friedman as the company’s Chief Operating Officer. The startup emerged from stealth in September 2023, raising $25 million in a seed round led by a16z Crypto.

Friedman in her capacity as the new COO, is set to play a pivotal role in building and fortifying Bastion’s regulatory and compliance framework.

Her experience includes previously serving as Head of Operations at Bastion since its inception, and her extensive background, including roles at Kraken and a16z Crypto — positions her strategically to enhance the company’s operational functions.

In a recent chat with Metaverse Post — Caroline Friedman shared insights into the strategic significance of her COO role and outlined her vision for the company’s operational functions and overarching mission.

Bastion’s Friedman said she primarily aims to fortify the foundation supporting Bastion’s business growth. A focal point of her efforts involves the development of a robust regulatory and compliance framework, to distinguish Bastion from other web3 companies.

“As COO, one of the most important aspects of my role will include building Bastion’s regulatory and compliance framework, which is a critical part of our vision and what sets us apart from other web3 companies,” Bastion’s Friedman told Metaverse Post.

“We are committed to working closely with regulators and customers to expand our platform in a way that ensures businesses and their customers can engage with web3 technologies safely and effectively while leveraging the new and impactful use cases that web3 has to offer,” she added.

Tasked with overseeing compliance, regulatory matters, public policy, legal affairs and finance functions, Friedman envisions a collaborative leadership approach.

“My leadership style is deeply influenced by a collaborative approach, ensuring that all these areas operate not in silos but in a harmonious and integrated manner. This synergy is vital for fostering an environment of continuous improvement, innovation, and responsiveness to customer needs,” said Friedman.

The Vital Role of Regulatory Compliance

A recent milestone for Bastion under Friedman’s leadership was the acquisition of Money Transmitter Licenses in several states, including New Hampshire, Arkansas, Delaware and Iowa. The accomplishment has marked Bastion’s initial steps in supporting fungible assets in the United States, showcasing the company’s commitment to regulatory compliance.

“One of the most impactful ways we can ensure operational excellence and customer satisfaction within the company is by ensuring that we are compliant in numerous states before we roll out the platform widely,” Bastion’s Friedman told Metaverse Post. “The recent Money Transmitter Licenses were a testament to the strength of our team, and I look forward to continuing this momentum as we expand into other states across the US.”

Securing our MTLs in New Hampshire and Arkansas is a huge milestone for Bastion. Proud to be working towards supporting a broad spectrum of digital assets in secure and compliant ways. https://t.co/8X9sHs4ahk

— Caroline Friedman (@CFriedman00) October 31, 2023

Friedman’s diverse background in digital assets, financial services and national security positions her to drive innovation and excellence in her new role. Leveraging over a decade of experience, including her tenure as a federal prosecutor, she believes that regulatory compliance is the cornerstone for business ethics and a key component in building trust with customers and stakeholders.

“Compliance and understanding of the regulatory landscape is one of the most important things for us, and as this landscape evolves, we will be able to keep our finger on the pulse of the latest developments to ensure we’re safe and transparent, ultimately providing the best web3 experience possible,” she explained.

Drawing from her prior roles as Chief of Staff at a16z Crypto and positions at Kraken, Friedman’s experience influences her approach to advancing Bastion’s mission. Her interactions with industry leaders at a16z Crypto contribute to her ability to drive initiatives for Bastion’s business growth and team building.

“I aim to instill a culture of compliance within Bastion, where adherence to regulations is seen not just as a legal obligation, but as a cornerstone of our business ethics and a key component in building trust with our customers and stakeholders,” Friedman added.

Prioritizing User Experience for Web3 Adoption and Business Growth

Bastion’s pragmatic, enterprise-focused web3 solution aims to simplifies development complexities, ensuring a easy end-to-end user experience. By maintaining familiar user interfaces of web2 applications while leveraging web3 efficiencies, Bastion assets that its platform eliminates barriers and risks, enabling businesses to confidently adopt web3 capabilities.

“Unlike other web3 infrastructure providers, on Bastion, most end users won’t be able to realize that web3 is running in the background. Ultimately, we aim to eliminates the barriers and risks preventing businesses from confidently adopting web3 capabilities, solving for the most consistent industry pain points,” Friedman told Metaverse Post.

Recently during Friedman’s announcement as the company’s new COO, co-founder Nassim Eddequiouaq commended Friedman’s critical role in Bastion’s success — citing her regulatory and operational background as instrumental in ensuring compliance and safety for the platform.

Bastion’s co-founders, Riyaz Faizullabhoy and Nassim Eddequiouaq, previously served as executives at a16z Crypto. Faizullabhoy held the position of Chief Technology Officer, while Eddequiouaq was the Chief Security Officer at the crypto VC firm.

“Our co-founders Nassim and Riyaz are incredibly smart visionaries, engineers and I have tremendous respect for them. I had the fortunate opportunity to work closely with them at a16z and they brought me on to Bastion because they knew I had the regulatory and operational background to help the firm succeed while working to make sure the platform is compliant and safe,” said Friedman.

Caroline Friedman on Bastion’s Future Plans

Reflecting on Bastion’s mission to create an enhanced web3 experience for brands and enterprises, Friedman outlined her goals beyond regulation and compliance. She told Metaverse Post that she aims to drive business growth, expand the customer base and cultivate a diverse and skilled team aligned with Bastion’s vision.

“We’re looking to expand our customer base by delivering exceptional value and service, while also continuing to cultivate a team that is skilled, diverse and aligned with Bastion’s vision to empower innovators to unlock the full potential of digital interactions,” Bastion’s Friedman explained. “To achieve this, we plan to continue to hire top talent while nurturing the inclusive and innovative company culture we are creating at Bastion, and I look forward to onboarding the next generation of talent at Bastion to help the firm succeed.”

Combining the best elements of web2 and web3, Bastion aims to power deeper connections in the tech industry. While specific examples remain undisclosed, Friedman mentioned there are ongoing collaborations with brands.

“We’re working with a number of brands to enable the ultimate web3 experience. We’ve already seen customers testing our platform, and we look forward to them reaching a wider audience soon,” Friedman told Metaverse Post.

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About The Author

Victor is a Managing Tech Editor/Writer at Metaverse Post and covers artificial intelligence, crypto, data science, metaverse and cybersecurity within the enterprise realm. He boasts half a decade of media and AI experience working at well-known media outlets such as VentureBeat, DatatechVibe and Analytics India Magazine. Being a Media Mentor at prestigious universities including the Oxford and USC and with a Master’s degree in data science and analytics, Victor is deeply committed to staying abreast of emerging trends.
He offers readers the latest and most insightful narratives from the Tech and Web3 landscape.

Victor Dey