Bastion, a new cryptocurrency startup founded by former executives of Andreessen Horowitz (a16z), has successfully obtained two money transmitter licenses (MTL) in the United States, marking a significant milestone for the company.
Expanding into New Territories
Bastion recently announced that it has acquired MTLs in New Hampshire and Arkansas, making them the first licenses obtained by the firm. The company also revealed that it has pending applications for MTLs in other states across the US, highlighting its commitment to expanding its services nationwide.
Enabling Services for Fungible Digital Assets
These new licenses, granted by the New Hampshire Banking Department and Arkansas Securities Department, will enable Bastion to provide services for fungible digital assets in each state. This includes activities such as selling or issuing payment instruments, stored value, prepaid access, as well as receiving money and digital currency to facilitate transactions with others.
Regulatory Approvals and Commitment to Compliance
The acquisition of these licenses comes just one month after Bastion's launch in mid-September 2023. These regulatory approvals demonstrate Bastion's commitment to providing compliant exposure to digital assets like Bitcoin (BTC) for businesses in the US.
Bastion was founded by Nassim Eddequiouaq and Riyaz Faizullabhoy, both former executives of a16z's crypto division. The company aims to integrate Web3 infrastructure into existing enterprise technologies. The launch of Bastion was accompanied by a $25 million seed funding round, led by a16z crypto.
"The acquisition of MTLs in New Hampshire and Arkansas is a consequential step in realizing our long-term vision," said Bastion co-founder Eddequiouaq. He added that the licenses serve as a testament to the strength and speed of Bastion, and the company looks forward to expanding its areas of operation.
Joining the Ranks of Other Crypto-Related Firms
With the acquisition of the MTLs, Bastion joins a growing list of crypto-related firms that have obtained the license. This includes companies such as Alchemy Pay, Coinbase, Jack Dorsey's Block, MoonPay, and bitFlyer exchange. Elon Musk's X (formerly Twitter) payment subsidiary also reportedly received its first MTLs in Michigan, New Hampshire, and Missouri in July 2023.
Bastion's achievement in securing these licenses furthers its position as a key player in the crypto industry, as it continues to provide innovative and compliant solutions for businesses and individuals in the US.
