Bastion, a cryptocurrency startup founded by former executives from Andreessen Horowitz (a16z), has announced that it has obtained two money transmitter licenses (MTL) in the United States. The licenses have been granted by the New Hampshire Banking Department and Arkansas Securities Department, making them the first licenses acquired by Bastion.
With these licenses, Bastion will be able to offer services for fungible digital assets in both New Hampshire and Arkansas. The company also stated that it has pending applications for MTLs in other states across the U.S.
The acquisition of these licenses allows Bastion to engage in activities related to the selling or issuance of payment instruments, stored value, prepaid access, as well as the receipt of money and digital currency to facilitate transactions with others within these states. The licenses can be located on the official website of the Nationwide Multistate Licensing System (NMLS).
This comes just a month after Bastion’s launch in mid-September 2023. The company’s founders, Nassim Eddequiouaq and Riyaz Faizullabhoy, who were previously executives in a16z’s crypto division, have a mission to integrate Web3 infrastructure into existing enterprise technologies. Bastion’s launch was accompanied by a $25 million seed funding round led by a16z crypto.
Co-founder Eddequiouaq expressed that the acquisition of the MTLs in New Hampshire and Arkansas is a significant step towards realizing their long-term vision. He noted that it demonstrates the strength and speed of Bastion and the firm looks forward to expanding its areas of operation.
By obtaining these licenses, Bastion joins a growing list of crypto-related firms that have secured MTLs, including Alchemy Pay, Coinbase, Jack Dorsey’s Block, MoonPay, bitFlyer exchange, and others. In July 2023, Elon Musk’s payment subsidiary, X (formerly Twitter), reportedly received its first MTLs in Michigan, New Hampshire, and Missouri.
The regulatory approvals received by Bastion highlight the company’s commitment to providing U.S. businesses with compliant exposure to digital assets like Bitcoin (BTC). These licenses signify a major milestone for Bastion and indicate its dedication to operating within the regulations of the U.S. financial system.
Overall, the acquisition of the money transmitter licenses is a significant achievement for Bastion. It positions the company to expand its services and offer compliant exposure to digital assets in multiple states across the U.S. As the crypto industry continues to grow, obtaining these licenses will be crucial for companies to establish trust and credibility within the financial sector.