Crypto startup Bastion secures money transfer licenses in the US

Bastion, a new cryptocurrency startup created by former Andreessen Horowitz (a16z) executives, has acquired two Money Transfer Licenses (MTLLs) in the United States.

Bastion has acquired MTLs in New Hampshire and Arkansas, the first two licenses acquired by the company, Bastion announced on Oct. 31.

The new licenses, granted by the New Hampshire Department of Banking and the Arkansas Department of Securities, allow Bastion to provide services to digital assets for fungibles in each state. The agency said it has additional applications pending for MTLs in other US states.

The license acquisitions will allow Bastion to engage in activities related to the sale or issuance of payment instruments, stored value, prepaid provision, and acceptance of cash and digital currency to facilitate transactions with others in the states. The licenses can be found on the official website of the National Multistate Licensing System (NMLS).

The permits come a month after Bastion's mid-September 2023 launch. The regulatory approval demonstrates Bastion's commitment to enabling US businesses to engage their customers in a respectful manner for digital assets such as Bitcoin (BTC).

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Bastion was founded by two ex-executives of a16z crypto division, Nasim Eddikuoak and Riyaz Faizulabhoy, with a mission to integrate Web3 infrastructure with their existing enterprise technologies. Bastion's launch was announced in conjunction with a $25 million seed funding round, led by a16z crypto.

“The acquisition of MTL in New Hampshire and Arkansas is an important step in realizing our long-term vision,” said Bastion Co-Founder EddKioak. He added that the company would like to continue its efforts to expand the workplaces, seeing that it is a milestone that shows the strength and speed of Bastion.

By accepting MTLs, Bastion joins a growing list of crypto-related organizations that have obtained the license, including Alchemy Payments, Coinbase, Jack Dorsey's Block, MoonPay, bitFlyer exchange and more. In July 2023, Elon Musk's (formerly Twitter) payments subsidiary reportedly received its first MTLs in Michigan, New Hampshire, and Missouri.

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