Bastion, a brand new cryptocurrency startup created by former Andreessen Horowitz (a16z) executives, has secured two money transmitter licenses (MTL) in the United States.
Bastion has acquired MTLs in New Hampshire and Arkansas, the primary two licenses obtained by the agency, Bastion introduced on Oct. 31.
The new licenses, granted by the New Hampshire Banking Department and Arkansas Securities Department, will allow Bastion to supply providers for fungible digital property in every state. It has extra functions pending for MTLs in different U.S. states, the agency mentioned.
The license acquisitions allow Bastion to take part in actions associated to the promoting or issuance of cost devices, saved worth, pay as you go entry, in addition to the receipt of money and digital foreign money to facilitate transactions with others in the states. The licenses may be located on the official web site of the Nationwide Multistate Licensing System (NMLS).
The licenses come only one month after Bastion’s launch in mid-September 2023. The regulatory approvals mark Bastion’s dedication to offering U.S. companies with the flexibility to have interaction their prospects in compliant publicity to digital property like Bitcoin (BTC).
Bastion was based by two former a16z crypto division executives, Nassim Eddequiouaq and Riyaz Faizullabhoy, with a mission to combine Web3 infrastructure into their current enterprise applied sciences. Bastion’s launch was introduced in conjunction with a $25 million seed funding spherical, which was led by a16z crypto.
“The acquisition of MTLs in New Hampshire and Arkansas is a consequential step in realizing our long-term vision,” Bastion co-founder Eddequiouaq mentioned. He added that the agency views the milestone as a “testament to the strength and speed” of Bastion and appears ahead to persevering with the momentum to develop its areas of operation.
In receiving the MTLs, Bastion joins the rising checklist of crypto-related companies that obtained the license, including Alchemy Pay, Coinbase, Jack Dorsey’s Block, MoonPay, bitFlyer alternate and others. In July 2023, Elon Musk’s X (previously Twitter) payment subsidiary reportedly received its first MTLs in Michigan, New Hampshire and Missouri.