Crypto startup Bastion secures money transmitter licenses in US

Bastion, a new cryptocurrency startup developed by former Andreessen Horowitz (a16z) executives, has actually secured two cash transmitter licenses (MTL) in the United States.Bastion has actually acquired MTLs in New Hampshire and Arkansas, the very first 2 licenses acquired by the firm, Bastion announced on Oct. 31. The new licenses, given by the New Hampshire Banking Department and Arkansas Securities Department, will allow Bastion to use services for fungible digital possessions in each state. It has additional applications pending for MTLs in other U.S. states, the company said.The license acquisitions make it possible for Bastion to take part in activities related to the selling or issuance of payment instruments, stored value, prepaid gain access to, as well as the invoice of money and digital currency to help with deals with others in the states. The licenses can be found on the main site of the Nationwide Multistate Licensing System (NMLS). Bastions money transmitter license. Source: NMLSThe licenses come just one month after Bastions launch in mid-September 2023. The regulative approvals mark Bastions commitment to providing U.S. services with the capability to engage their clients in compliant direct exposure to digital properties like Bitcoin (BTC). Related: Kraken will share data of 42,000 users with IRSBastion was founded by 2 previous a16z crypto division executives, Nassim Eddequiouaq and Riyaz Faizullabhoy, with an objective to incorporate Web3 infrastructure into their existing business technologies. Bastions launch was announced in combination with a $25 million seed funding round, which was led by a16z crypto.” The acquisition of MTLs in New Hampshire and Arkansas is a consequential action in understanding our long-term vision,” Bastion co-founder Eddequiouaq said. He added that the firm views the turning point as a “testament to the strength and speed” of Bastion and anticipates continuing the momentum to broaden its areas of operation.In receiving the MTLs, Bastion signs up with the growing list of crypto-related firms that obtained the license, including Alchemy Pay, Coinbase, Jack Dorseys Block, MoonPay, bitFlyer exchange and others. In July 2023, Elon Musks X (formerly Twitter) payment subsidiary supposedly received its first MTLs in Michigan, New Hampshire and Missouri.Magazine: How to secure your crypto in a volatile market– Bitcoin OGs and specialists weigh in