Bastion Secures Money Transmitter Licenses in New Hampshire and Arkansas
Bastion, a cryptocurrency startup founded by former executives of Andreessen Horowitz (a16z), has successfully obtained two money transmitter licenses (MTL) in the United States. The licenses were 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 states. The company also has pending applications for MTLs in other U.S. states.
Enabling Compliant Exposure to Digital Assets
The acquisition of these licenses allows Bastion to engage in activities related to the selling or issuance of payment instruments, stored value, prepaid access, and facilitating transactions with money and digital currency. The licenses can be found on the official website of the Nationwide Multistate Licensing System (NMLS). This regulatory approval demonstrates Bastion’s commitment to providing compliant exposure to digital assets like Bitcoin (BTC) for U.S. businesses.
Founded by Former a16z Executives
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. Alongside its launch, Bastion announced a $25 million seed funding round led by a16z crypto. Co-founder Eddequiouaq sees the acquisition of MTLs as a significant step towards realizing their long-term vision and plans to expand their areas of operation.
Joining the Ranks of Licensed Crypto Firms
By obtaining these money transmitter licenses, Bastion joins other crypto-related firms that have received similar approvals. This includes Alchemy Pay, Coinbase, Jack Dorsey’s Block, MoonPay, bitFlyer exchange, and Elon Musk’s X payment subsidiary (formerly Twitter). The licenses obtained by Bastion in New Hampshire and Arkansas further solidify the company’s position in the industry.
Hot Take: Bastion’s Regulatory Approvals Pave the Way for Compliance and Growth
Bastion’s successful acquisition of money transmitter licenses in New Hampshire and Arkansas sets a strong foundation for its operations in the United States. By obtaining these licenses, Bastion can provide compliant exposure to digital assets for businesses and customers. The regulatory approvals also showcase Bastion’s commitment to operating within the legal framework while integrating Web3 infrastructure. With pending applications for licenses in other states, Bastion is poised for continued growth and expansion. As more crypto firms secure money transmitter licenses, the industry moves closer to widespread adoption and acceptance.
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