Bastion, a recently established cryptocurrency startup founded by former executives from Andreessen Horowitz (a16z), has achieved a significant milestone by obtaining two Money Transmitter Licenses (MTL) within the United States.
On October 31, Bastion proudly announced that it had successfully secured MTLs in New Hampshire and Arkansas, marking the first licenses the company has acquired.
These licenses, officially granted by the New Hampshire Banking Department and Arkansas Securities Department, empower Bastion to provide services related to fungible digital assets within these states.
The firm also revealed that it has pending applications for MTLs in various other U.S. states, indicating its intention to expand its operations nationwide.
With these licenses in hand, Bastion gains the ability to engage in activities such as the sale or issuance of payment instruments, stored value, prepaid access, and the receipt of money and digital currency to facilitate transactions with individuals and businesses in New Hampshire and Arkansas.
You can find further details about these licenses on the Nationwide Multistate Licensing System (NMLS) official website.
READ MORE: El Salvador Poised to Emerge as the Singapore of the Americas
This accomplishment comes a mere month after Bastion’s initial launch in September 2023, underscoring the company’s dedication to providing U.S. businesses with compliant exposure to digital assets like Bitcoin.
Bastion’s genesis can be attributed to two former a16z crypto division executives, Nassim Eddequiouaq and Riyaz Faizullabhoy, who embarked on a mission to integrate Web3 infrastructure with their existing enterprise technologies.
The company’s launch coincided with a successful $25 million seed funding round, spearheaded by a16z crypto.
Co-founder Nassim Eddequiouaq expressed his enthusiasm, stating, “The acquisition of MTLs in New Hampshire and Arkansas is a consequential step in realizing our long-term vision.”
He emphasized that this achievement is a testament to Bastion’s strength and rapid progress, and he looks forward to further expanding the company’s operational footprint.
By securing these MTLs, Bastion joins a growing list of cryptocurrency-related firms that have obtained such licenses, including Alchemy Pay, Coinbase, Block (formerly Jack Dorsey’s Square), MoonPay, and the bitFlyer exchange.
Additionally, in July 2023, Elon Musk’s payment subsidiary, X (formerly known as Twitter), reportedly received its first MTLs in Michigan, New Hampshire, and Missouri.
Discover the Crypto Intelligence Blockchain Council
