VentureVault

Bitcoin

Martin Walker

Nov 1, 2023 at 09:14 am

Bastion, a relatively new player in the ever-evolving world of cryptocurrencies, has made significant strides under the guidance of former executives from the prestigious Andreessen Horowitz (a16z). They've recently achieved a noteworthy milestone by securing not one, but two essential money transmitter licenses (MTL) right here in the United States.

The exciting news broke on October 31, as Bastion proudly announced the successful acquisition of MTLs in both New Hampshire and Arkansas, making it the maiden voyage into the world of licenses for this up-and-coming venture.

These recently acquired licenses, thoughtfully granted by the New Hampshire Banking Department and the Arkansas Securities Department, are a clear green light for Bastion to provide its services in the realm of fungible digital assets in these two states. Moreover, they've proactively filed additional applications for MTLs in various other states across the U.S., emphasizing their commitment to regulatory compliance and an eagerness for expansion.

With these licenses in hand, Bastion now has the authority to engage in a range of activities. This includes the sale or issuance of payment instruments, handling stored value, offering prepaid access, and facilitating the receipt of both money and digital currency to support transactions with other entities within these states. You can find comprehensive details about these licenses on the official Nationwide Multistate Licensing System (NMLS) website.

Bastion’s money transmitter license. Source: NMLS

What's particularly remarkable about these licenses is that Bastion managed to secure them merely a month after their grand debut in September 2023. These approvals stand as a testament to Bastion's dedication to enabling U.S. businesses to explore the world of digital assets, with the ever-volatile Bitcoin (BTC) currently ticking at $34,462.

Bastion's inception owes its credit to the visionary minds of two former a16z crypto division executives, Nassim Eddequiouaq and Riyaz Faizullabhoy. Their collective mission centers on seamlessly integrating Web3 infrastructure into pre-existing enterprise technologies. The launch of Bastion coincided with a remarkable $25 million seed funding round, spearheaded by a16z crypto.

According to Bastion's co-founder, Eddequiouaq, the acquisition of MTLs in New Hampshire and Arkansas signifies a pivotal step towards realizing their long-term vision. He passionately regards this milestone as a testament to Bastion's strength and agility, and he looks ahead with enthusiasm, anticipating further expansion across various operational domains.

In addition to Bastion, there's a growing list of cryptocurrency-related firms that have successfully secured similar licenses, cementing their place in the industry. This impressive lineup includes renowned names such as Alchemy Pay, Coinbase, Jack Dorsey's Block, MoonPay, and the bitFlyer exchange, among others. Notably, in July 2023, Elon Musk's X (formerly Twitter) payment subsidiary reportedly achieved its first MTLs in Michigan, New Hampshire, and Missouri, further underscoring the industry's dynamic growth.