Home>Business>Crypto startup Bastion secures cash transmitter licenses in US

Crypto startup Bastion secures cash transmitter licenses in US


Bastion, a brand new cryptocurrency startup created by former Andreessen Horowitz (a16z) executives, has secured two cash transmitter licenses (MTL) in america.

Bastion has acquired MTLs in New Hampshire and Arkansas, the primary two licenses obtained by the agency, Bastion introduced on Oct. 31.

The brand new licenses, granted by the New Hampshire Banking Division and Arkansas Securities Division, will allow Bastion to supply providers for fungible digital belongings in every state. It has extra purposes pending for MTLs in different U.S. states, the agency stated.

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 cash and digital foreign money to facilitate transactions with others within the states. The licenses could be located on the official web site of the Nationwide Multistate Licensing System (NMLS).

Bastion’s cash transmitter license. Supply: 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 interact their prospects in compliant publicity to digital belongings like Bitcoin (BTC).

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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 together 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 imaginative and prescient,” Bastion co-founder Eddequiouaq stated. He added that the agency views the milestone as a “testomony to the power and pace” of Bastion and appears ahead to persevering with the momentum to broaden its areas of operation.

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

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