March 2, 2024

Crypto startup Bastion secures money transmitter licenses in US

Launched in September by two former Andreessen Horowitz executives, Bastion has acquired its first two money transmitter licenses in New Hampshire and Arkansas.

Bastion, a new cryptocurrency startup created by former Andreessen Horowitz (a16z) executives, has secured two money transmitter licenses (MTL) in the United States.

Bastion has acquired MTLs in New Hampshire and Arkansas, the first two licenses obtained by the firm, Bastion announced on Oct. 31.

The new licenses, granted by the New Hampshire Banking Department and Arkansas Securities Department, will enable Bastion to offer services for fungible digital assets in each state. It has additional applications pending for MTLs in other U.S. states, the firm said.

The license acquisitions enable Bastion to participate 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 in the states. The licenses can be located on the official website of the Nationwide Multistate Licensing System (NMLS).

Bastion’s money transmitter license. Source: NMLS

The licenses come just one month after Bastion’s launch in mid-September 2023. The regulatory approvals mark Bastion’s commitment to providing U.S. businesses with the ability to engage their customers in compliant exposure to digital assets like Bitcoin (BTC).

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Bastion was founded by two former a16z crypto division executives, Nassim Eddequiouaq and Riyaz Faizullabhoy, with a mission to integrate Web3 infrastructure into their existing enterprise technologies. Bastion’s launch was announced in conjunction with a $25 million seed funding round, which was led by a16z crypto.

“The acquisition of MTLs in New Hampshire and Arkansas is a consequential step in realizing our long-term vision,” Bastion co-founder Eddequiouaq said. He added that the firm views the milestone as a “testament to the strength and speed” of Bastion and looks forward to continuing the momentum to expand its areas of operation.

In receiving the MTLs, Bastion joins the growing list of crypto-related firms that obtained the license, including Alchemy Pay, Coinbase, Jack Dorsey’s Block, MoonPay, bitFlyer exchange and others. In July 2023, Elon Musk’s X (formerly Twitter) payment subsidiary reportedly received its first MTLs in Michigan, New Hampshire and Missouri.

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