Bastion Secures Money Transmitter Licenses in New Hampshire and Arkansas

The cryptocurrency business Bastion, which was established by ex-Andreessen Horowitz personnel, has secured two money transmitter licenses (MTLs) in the US, marking a noteworthy milestone. With the acquisition of these licenses in New Hampshire and Arkansas, the business is demonstrating its commitment to enabling legal digital asset services in the United States and its first step toward regulatory approvals.

For Bastion, acquiring MTLs in New Hampshire and Arkansas is a critical step that will enable it to expand its digital asset services across the United States. The licenses, which were given by the securities departments of Arkansas and New Hampshire, enable Bastion to provide a variety of services pertaining to fungible digital assets.

The services that fall under this category include things like stored value, prepaid access, payment instrument issuing, and transaction facilitation for both fiat and virtual currencies. Through the official Nationwide Multistate Licensing System website, interested parties may obtain comprehensive information about these licenses.

Fast-Paced Progress Since Inception

It’s notable that little than a month after the startup’s mid-September 2023 launch, Bastion has succeeded in obtaining these governmental certifications. This quick development demonstrates Bastion’s dedication to provide American companies legal means to interact with digital assets, including cryptocurrencies like Bitcoin (BTC).

In addition, Bastion’s aggressive growth plan is demonstrated by its pending MTL applications in many other U.S. states, indicating the company’s goal to become a major player in the digital asset market.

With the goal of bridging the gap between web3 infrastructure and current corporate solutions, Bastion was founded by former executives in a16z’s crypto division, Nassim Eddequiouaq and Riyaz Faizullabhoy. The startup’s goals are in line with how cryptocurrencies and blockchain technology are developing quickly. In order to further establish its position in the market, Bastion successfully raised $25 million in seed capital in addition to its initial foray into the digital asset space, with a16z crypto providing substantial support.