Bastion, a new cryptocurrency startup established by former executives from Andreessen Horowitz (a16z), has achieved a significant milestone by securing two Money Transfer Licenses (MTLs) in the United States. The company announced on October 31 that it had been granted MTLs in both New Hampshire and Arkansas, marking its first licenses for offering digital asset services. Bastion also disclosed that it has additional MTL applications currently pending in several other U.S. states.
The MTLs obtained from the New Hampshire Department of Banking and the Arkansas Department of Securities authorize Bastion to engage in various activities related to digital assets. These activities include the sale or issuance of payment instruments, stored value, prepaid access, as well as the receipt of traditional currency and digital currencies to facilitate transactions within each state. The granted licenses can be verified through the official website of the National Multistate Licensing System (NMLS).
This regulatory approval follows Bastion's launch in mid-September 2023 and underscores the company's commitment to offering U.S. businesses a compliant means of providing their customers with access to digital assets like Bitcoin. Bastion's founders, Nassim Eddequiouaq and Riyaz Faizullabhoy, are former a16z crypto executives. They established Bastion with the goal of integrating Web3 infrastructure into existing enterprise technology. The company's launch was accompanied by a $25 million seed funding round led by a16z crypto.
Co-founder Nassim Eddequiouaq expressed that obtaining MTLs in New Hampshire and Arkansas represents a pivotal step in realizing Bastion's long-term vision. He also highlighted this achievement as a testament to the strength and agility of the company and emphasized their ongoing efforts to expand their presence in the industry. The acquisition of MTLs positions Bastion among a growing list of cryptocurrency-related firms that have secured such licenses, including prominent entities like Coinbase, Jack Dorsey's Block, and Elon Musk's X payments subsidiary, among others.
