Bastion Secures Money Transmitter Licenses in Two U.S. States

Bastion, a new cryptocurrency startup founded by former Andreessen Horowitz (a16z) employees, has been granted two money transmitter licenses (MTL) in the United States.

Bastion has obtained its first two MTL licenses in New Hampshire and Arkansas, the company announced on October 31.

The new licenses issued by the New Hampshire Banking Department and Arkansas Securities Department will allow Bastion to provide services for fungible digital assets in each state.

Bastion’s money transmitter license. Source: NMLS

The company stated that it has additional MTL applications pending in other U.S. states. The license acquisitions allow Bastion to engage in activities involving the sale 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.

On the official website of the Nationwide Multistate Licensing System (NMLS), licenses can be located. The licenses were granted just one month after Bastion’s mid-September 2023 release.

Bastion’s commitment to providing U.S. enterprises with compliant exposure to digital assets such as Bitcoin is demonstrated by the regulatory approvals.

Nassim Eddequiouaq and Riyaz Faizullabhoy, two former administrators of a16z’s crypto division, founded Bastion to integrate Web3 infrastructure with their pre-existing enterprise technologies.

The launch of Bastion was announced alongside a $25 million pilot funding round led by A16Z Crypto. “The acquisition of MTLs in New Hampshire and Arkansas is a significant step toward achieving our long-term vision,” said Eddequiouaq, co-founder of Bastion.

He added that the company views the achievement as a “testament to the strength and speed” of Bastion and looks forward to maintaining the momentum as it continues to expand its operational areas.

Bastion joins a growing list of crypto-related companies that have obtained the MTLs, including Alchemy Pay, Coinbase, Jack Dorsey’s Block, MoonPay, the bitFlyer exchange, and others.

According to reports, Elon Musk’s X (formerly Twitter) subsidiary received its first MTLs in Michigan, New Hampshire, and Missouri in July 2023.