Bastion, a newly launched cryptocurrency startup founded by former executives from Andreessen Horowitz (a16z), has gained a significant milestone by obtaining two Money Transmitter Licenses (MTLs) in the United States. On October 31, the company announced that it had acquired MTLs in New Hampshire and Arkansas, marking its first licenses in the space.
Bastion gains licenses for offering digital asset services
These licenses, granted by the New Hampshire Banking Department and Arkansas Securities Department, will allow Bastion to provide services for fungible digital assets in both states, with additional applications pending in other U.S. states.
The acquisition of these licenses empowers Bastion to engage in activities related to the sale or issuance of payment instruments, stored value, prepaid access, and the receipt of money and digital currency to facilitate transactions within these states.
These licenses come just a month after Bastion’s official launch in mid-September 2023. The regulatory approvals highlight Bastion’s commitment to offering U.S. businesses a respectful path to engaging with digital assets, such as Bitcoin or other digital assets.
To View Bastion’s MTLs – Click Here
Bastion’s mission to merge web3 with enterprise technologies
Bastion, founded by former a16z crypto division executives Nassim Eddequiouaq and Riyaz Faizullabhoy, has a mission to integrate Web3 infrastructure into existing enterprise technologies. The startup’s launch coincided with a successful $25 million seed funding round, led by a16z crypto.
Bastion’s co-founder, Nassim Eddequiouaq, said the importance of securing MTLs in New Hampshire and Arkansas as a pivotal step toward realizing their long-term vision. He also highlighted the licenses as a testament to Bastion’s strength and agility, and the company looks forward to further expansion.
With these MTLs, Bastion joins the ranks of crypto-related firms that have obtained these licenses, including Alchemy Pay, Coinbase, Jack Dorsey’s Block, MoonPay, bitFlyer exchange, and others.
In a recent report by Todayq News on July 2023, Elon Musk’s X (formerly Twitter) payment subsidiary reportedly received its first MTLs in Michigan, New Hampshire, and Missouri. This achievement underscores the growing significance of regulatory compliance within the cryptocurrency industry and paves the way for Bastion to play a vital role in the evolving digital asset landscape.