The cryptocurrency startup Bastion, co-founded by former a16z crypto division executives Nassim Eddequiouaq and Riyaz Faizullabhoy, has successfully secured money transmitter licenses (MTLs) in New Hampshire and Arkansas.
These licenses, issued by the New Hampshire Banking Department and Arkansas Securities Department, empower Bastion to provide various services related to digital assets. These services include payment instruments, prepaid access, and facilitating transactions involving cryptocurrencies like Bitcoin.
This achievement comes just a month after Bastion’s September 2023 launch, highlighting its dedication to providing compliant options for U.S. businesses to engage with digital assets.
The company also has pending MTL applications in other states, signaling ambitious expansion plans. Bastion’s success is bolstered by a $25 million seed funding round, primarily led by a16z crypto, and its mission to integrate web3 infrastructure with existing enterprise technologies seamlessly.
Bastion’s swift acquisition of money transmitter licenses and a16z crypto-led funding underscores its strong potential to bridge the gap between traditional finance and digital assets.
Also Read: a16z Opens Application For Crypto Startup School Program 2024
