March 27, 2024
Bastion, a Crypto Startup, Gains US Money Transmitter Licenses
Latest Cryptocurrency News

Bastion, a Crypto Startup, Gains US Money Transmitter Licenses

Bastion, a newly established cryptocurrency startup founded by former executives from Andreessen Horowitz (a16z), has successfully acquired two money transmitter licenses (MTL) in the United States. Bastion secured MTLs in New Hampshire and Arkansas, marking its initial licenses in the country.

The licenses, granted by the New Hampshire Banking Department and Arkansas Securities Department, will empower Bastion to provide services for fungible digital assets within these states, with pending applications for MTLs in other U.S. regions. These licenses grant Bastion the authority to engage in activities related to the sale or issuance of payment instruments, stored value, prepaid access, and the receipt of money and digital currency for facilitating transactions.

These licenses are accessible on the Nationwide Multistate Licensing System (NMLS) official website. Bastion’s accomplishment comes only a month after its launch in mid-September 2023 and underscores its commitment to enabling U.S. businesses to engage with digital assets like Bitcoin in a compliant manner.

Bastion’s co-founder, Nassim Eddequiouaq, stated, “The acquisition of MTLs in New Hampshire and Arkansas is a consequential step in realizing our long-term vision,” emphasizing the strength and agility of Bastion. Bastion plans to expand its operational reach further.

This regulatory milestone places Bastion alongside other cryptocurrency-related companies that have acquired MTLs, including Alchemy Pay, Coinbase, Jack Dorsey’s Block, MoonPay, bitFlyer exchange, and others. In July 2023, Elon Musk’s X (formerly Twitter) payment subsidiary reportedly obtained its first MTLs in Michigan, New Hampshire, and Missouri.

Image by Freepik

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