1 year ago
Launched successful September by 2 erstwhile Andreessen Horowitz executives, Bastion has acquired its archetypal 2 wealth transmitter licenses successful New Hampshire and Arkansas.
Bastion, a caller cryptocurrency startup created by erstwhile Andreessen Horowitz (a16z) executives, has secured 2 wealth transmitter licenses (MTL) successful the United States.
Bastion has acquired MTLs successful New Hampshire and Arkansas, the archetypal 2 licenses obtained by the firm, Bastion announced connected Oct. 31.
The caller licenses, granted by the New Hampshire Banking Department and Arkansas Securities Department, volition alteration Bastion to connection services for fungible integer assets successful each state. It has further applications pending for MTLs successful different U.S. states, the steadfast said.
The licence acquisitions alteration Bastion to enactment successful activities related to the selling oregon issuance of outgo instruments, stored value, prepaid access, arsenic good arsenic the receipt of wealth and integer currency to facilitate transactions with others successful the states. The licenses tin beryllium located connected the authoritative website of the Nationwide Multistate Licensing System (NMLS).
Bastion’s wealth transmitter license. Source: NMLSThe licenses travel conscionable 1 period aft Bastion’s motorboat successful mid-September 2023. The regulatory approvals people Bastion’s committedness to providing U.S. businesses with the quality to prosecute their customers successful compliant vulnerability to integer assets similar Bitcoin (BTC).
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Bastion was founded by 2 erstwhile a16z crypto part executives, Nassim Eddequiouaq and Riyaz Faizullabhoy, with a ngo to integrate Web3 infrastructure into their existing endeavor technologies. Bastion’s motorboat was announced successful conjunction with a $25 cardinal effect backing round, which was led by a16z crypto.
“The acquisition of MTLs successful New Hampshire and Arkansas is simply a consequential measurement successful realizing our semipermanent vision,” Bastion co-founder Eddequiouaq said. He added that the steadfast views the milestone arsenic a “testament to the spot and speed” of Bastion and looks guardant to continuing the momentum to grow its areas of operation.
In receiving the MTLs, Bastion joins the increasing database of crypto-related firms that obtained the license, including Alchemy Pay, Coinbase, Jack Dorsey’s Block, MoonPay, bitFlyer speech and others. In July 2023, Elon Musk’s X (formerly Twitter) payment subsidiary reportedly received its archetypal MTLs successful Michigan, New Hampshire and Missouri.
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