Launched in September, Bastion, founded by two former executives from Andreessen Horowitz, has achieved a significant milestone. The company has secured its initial two money transmitter licenses. These licenses have been granted in the states of New Hampshire and Arkansas.
Furthermore, the New Hampshire Banking Department and the Arkansas Securities Department have issued these newly acquired permits. With these money transmitter licenses, Bastion gains the authority to offer services related to interchangeable digital assets within these states. Additionally, the company has submitted further applications for MTLs in several other U.S. states.
These licenses provide Bastion with the capacity to engage in various activities. These activities encompass vending or issuing payment instruments, as well as managing stored value and prepaid access.
Additionally, they involve receiving monetary funds and digital currencies to facilitate transactions with other parties within the respective states. You can access these licenses on the official website of the Nationwide Multistate Licensing System (NMLS).
These licenses have been acquired just a month subsequent to Bastion’s initiation in the middle of September 2023. These regulatory endorsements highlight Bastion’s commitment to providing U.S. businesses with compliant access to digital assets like Bitcoin.
Bastion’s Progress and Industry Trends: Money Transmitter Licenses and Cryptocurrency Enterprises
Bastion was established by Nassim Eddequiouaq and Riyaz Faizullabhoy, both former executives from a16z’s cryptocurrency division. Their primary goal was to integrate Web3 infrastructure into their existing corporate technologies. Bastion’s launch coincided with a $25 million initial funding round, which was led by a16z crypto.
“The attainment of MTLs in New Hampshire and Arkansas represents a momentous stride toward realizing our enduring vision,” remarked Bastion’s co-founder, Eddequiouaq. Furthermore, he elucidated that the firm perceives this achievement as a demonstration of Bastion’s robustness and agility and eagerly anticipates perpetuating this momentum to expand its sphere of operation.
By receiving these MTLs, Bastion joins the burgeoning roster of cryptocurrency-related enterprises that have secured these licenses, including Alchemy Pay, Coinbase, Jack Dorsey’s Block, MoonPay, the bitFlyer exchange, and others.
Lastly, in July 2023, Elon Musk’s X (formerly Twitter) subsidiary dedicated to payments purportedly obtained its inaugural MTLs in the states of Michigan, New Hampshire, and Missouri.