Bastion Secures First Two US Money Transmitter Licenses, Accelerating its Cryptocurrency Operations
Summary:
Bastion, a cryptocurrency startup formed by ex-Andreessen Horowitz executives, has obtained its first two money transmitter licenses (MTLs) in New Hampshire and Arkansas. The new licenses, granted by the states' banking and securities departments, facilitate Bastion's offering of fungible digital assets services. Further MTL applications in other states are pending. The milestone confirms Bastion's dedication to compliant digital asset usage for US businesses since its launch in mid-September 2023. Bastion's co-founder affirms this important step aligns with the company's vision and reflects its strength and speed.
Bastion, a recent addition to the cryptocurrency scene founded by ex-executives of Andreessen Horowitz (a16z), has successfully procured two money transmitter licenses (MTL) within the United States. The startup has now secured MTLs from New Hampshire and Arkansas - the initial pair of licenses in Bastion's possession, as publicized by the company on October 31. These newly obtained licenses, granted by the New Hampshire Banking Department and the Arkansas Securities Department, authorize Bastion to propose services revolving around exchangeable digital assets in the respective states. The company has also disclosed additional pending MTL applications for other U.S states.
These license approvals permit Bastion to engage in operations linked to the sale, issuance of payment instruments, prepaid access, stored value, along with the acceptance of monetary and digital currency aiding transactions with others in the licensed states. These approvals can be viewed on the Nationwide Multistate Licensing System's (NMLS) official webpage.
The MTL acquisitions occurred a mere month following the startup's launch in mid-September of 2023. These regulatory nods outline Bastion's dedication to offer U.S enterprises the capability of involving their patrons in law-abiding transactions with digital assets such as Bitcoin (BTC).
Formed by former a16z crypto executives, Nassim Eddequiouaq and Riyaz Faizullabhoy, Bastion seeks to meld Web3 frameworks into their pre-existing business technologies. The company's inception was simultaneously reported with a $25 million seed funding round, which was spearheaded by a16z crypto.
The attainment of MTLs in New Hampshire and Arkansas signifies a crucial stride towards manifesting our long-standing vision, expressed co-founder Eddequiouaq. He further added that the company interprets this landmark as a tribute to Bastion's robustness and expeditious pace and is excited to maintain this forward momentum and proliferate its operational areas.
Upon gaining the MTLs, Bastion now forms part of an expanding roster of companies associated with crypto that have acquired the license, which includes Alchemy Pay, Coinbase, Block by Jack Dorsey, MoonPay, bitFlyer exchange, and more. Back in July 2023, Elon Musk's X (previously known as Twitter) payment division reportedly obtained its initial MTLs in Michigan, New Hampshire, and Missouri.
Published At
10/31/2023 1:00:00 PM
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