Bastion, a nascent cryptocurrency startup founded by former executives from the prestigious Andreessen Horowitz (a16z), has successfully secured two significant Money Transmitter Licenses (MTL) in the United States.
This milestone was proudly announced by Bastion on October 31, signifying a remarkable achievement for the company. These licenses, sanctioned by the New Hampshire Banking Department and the Arkansas Securities Department, bestow upon Bastion the authority to offer its services pertaining to fungible digital assets within the boundaries of these two states.
Bastion has also initiated the process of securing additional MTLs in various other states across the United States, underscoring their ambitious expansion plans.
The acquisition of these licenses empowers Bastion to engage in activities related to the sale or issuance of payment instruments, stored value, prepaid access, as well as the receipt of monetary transactions and digital currency, all of which facilitate seamless financial interactions within these states. The details of these licenses can be readily found on the official website of the Nationwide Multistate Licensing System (NMLS).
Notably, Bastion managed to attain these licenses just one month after its launch in mid-September 2023. This swift regulatory approval underscores Bastion’s unwavering commitment to providing American businesses with a legitimate avenue for their customers to explore and engage with digital assets, such as Bitcoin.
Bastion’s origins can be traced back to the vision of two former a16z crypto division executives, Nassim Eddequiouaq and Riyaz Faizullabhoy. Their mission was to seamlessly integrate Web3 infrastructure into existing enterprise technologies, and Bastion’s launch coincided with a notable $25 million seed funding round, spearheaded by a16z crypto.
Nassim Eddequiouaq, co-founder of Bastion, shared his thoughts on this significant achievement, stating that the acquisition of MTLs in New Hampshire and Arkansas represents a substantial step toward realizing their long-term vision. He also expressed his belief that this achievement is a testament to Bastion’s strength and agility and looks forward to maintaining this momentum as they expand their operations into new territories.
With the acquisition of these Money Transmitter Licenses, Bastion now joins the ranks of various crypto-related firms that have secured these licenses, including well-known names like Alchemy Pay, Coinbase, Jack Dorsey’s Block, MoonPay, the bitFlyer exchange, and others. It’s worth noting that in July 2023, Elon Musk’s X (formerly Twitter) payment subsidiary also reportedly received its inaugural MTLs in Michigan, New Hampshire, and Missouri, highlighting the growing trend of mainstream recognition and acceptance of cryptocurrency-related businesses.