Investing in Web 3.0? Learn How Crypto Startup Bastion Secures Money Transmitter Licenses in the US

Bastion Acquires Money Transmitter Licenses in the US

Bastion, a cryptocurrency startup founded by former Andreessen Horowitz (a16z) executives, has recently obtained two money transmitter licenses (MTL) in the United States. On October 31, Bastion announced that it has acquired MTLs in New Hampshire and Arkansas, which are the first two licenses obtained by the firm.

The newly acquired licenses from the New Hampshire Banking Department and Arkansas Securities Department allow Bastion to provide services for fungible digital assets in each state. The firm also has additional applications pending for MTLs in other US states.

The licenses enable Bastion to participate in activities related to the selling or issuance of payment instruments, stored value, prepaid access, as well as the receipt of money and digital currency to facilitate transactions with others in the states. The licenses can be found on the official website of the Nationwide Multistate Licensing System (NMLS).

Bastion’s acquisition of the MTLs is a step forward in the firm’s mission to become a leader in the enterprise AI and Web 3.0 space. This will allow the organization to provide its services to a larger audience and facilitate investments in Web 3.0 technologies.

Bastion Obtains Money Transmitter Licenses

Bastion, an AI startup founded by two former a16z crypto division executives, Nassim Eddequiouaq and Riyaz Faizullabhoy, has just acquired Money Transmitter Licenses (MTLs) from New Hampshire and Arkansas. This milestone was achieved only one month after Bastion’s launch in mid-September 2023, and it marks Bastion’s commitment to providing U.S. businesses with the ability to engage their customers in compliant exposure to digital assets like Bitcoin (BTC).

The achievement was made possible by a $25 million seed funding round led by a16z crypto. Eddequiouaq said that the acquisition of MTLs is a “testament to the strength and speed” of Bastion, and the firm looks forward to continuing the momentum to expand its areas of operation.

Bastion joins the growing list of crypto-related firms that obtained the license, including Alchemy Pay, Coinbase, Jack Dorsey’s Block, MoonPay, bitFlyer exchange and others. In July 2023, Elon Musk’s X (formerly Twitter) payment subsidiary reportedly received its first MTLs in Michigan, New Hampshire and Missouri.