Bastion, a new cryptocurrency startup founded by a former top executive at Andreessen Horowitz (a16z), has received two Money Transfer Licenses (MTLs) in the United States.
Bastion announced on October 31 that Bastion has received MTLs in New Hampshire and Arkansas, the first two licenses the company has received.
The new licenses granted by the New Hampshire Department of Banking and the Arkansas Department of Securities will allow Bastion to provide alternative digital asset services in each state. The company said additional MTL applications are pending in other U.S. states.
Obtaining a license enables Bastion to engage in activities related to the sale or issuance of payment instruments, stored value, prepaid deposits and withdrawals, and the receipt of currency and digital currencies to facilitate transactions with others in each state.The license can be lie in on the official website of the National Multistate Licensing System (NMLS).
The licenses were obtained a month after Bastion launched in mid-September 2023. The regulatory approval signals Bastion’s commitment to providing U.S. businesses with the ability to provide their customers with compliant access to digital assets such as Bitcoin (BTC).
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Bastion was founded by two former a16z encryption executives, Nassim Eddequiouaq and Riyaz Faizullabhoy, with a mission to integrate Web3 infrastructure into their existing enterprise technology. Bastion’s launch was announced alongside a $25 million seed round led by a16z crypto.
“The acquisition of MTL in New Hampshire and Arkansas is an important step toward realizing our long-term vision,” said Eddequiouaq, co-founder of Bastion. He added that the company views this milestone as “a testament to the strength and speed” of Bastion and Looks forward to continuing the momentum of expanding its business areas.
After obtaining the MTL, Bastion joins a growing list of crypto-related companies that have obtained licenses, including Alchemy Pay, Coinbase, Jack Dorsey’s Block, MoonPay, bitFlyer exchange, and others. According to reports, in July 2023, Elon Musk’s X (formerly Twitter) payments subsidiary received its first batch of MTL in Michigan, New Hampshire and Missouri.
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