Crypto startup Bastion secures money transmitter licenses in US
Bastion, a new cryptocurrency startup created by former Andreessen Horowitz (a16z) executives, has secured two money transmitter licenses (MTL) in the United States.
Bastion has acquired MTLs in New Hampshire and Arkansas, the first two licenses obtained by the firm, Bastion announced on Oct. 31.
The new licenses, granted by the New Hampshire Banking Department and Arkansas Securities Department, will enable Bastion to offer services for fungible digital assets in each state. It has additional applications pending for MTLs in other U.S. states, the firm said.
The license acquisitions enable Bastion to participate in activities related to the selling or issuance of payment instruments, stored value, prepaid access, as well as the receipt of money and digital currency to facilitate transactions with others in the states. The licenses can be located on the official website of the Nationwide Multistate Licensing System (NMLS).
The licenses come just one month after Bastion’s launch in mid-September 2023. The regulatory approvals mark Bastion’s commitment to providing U.S. businesses with the ability to engage their customers in compliant exposure to digital assets like Bitcoin (BTC).
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Bastion was founded by two former a16z crypto division executives, Nassim Eddequiouaq and Riyaz Faizullabhoy, with a mission to integrate Web3 infrastructure into their existing enterprise technologies. Bastion’s launch was announced in conjunction 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 step in realizing our long-term vision,” Bastion co-founder Eddequiouaq said. He added that the firm views the milestone as a “testament to the strength and speed” of Bastion and looks forward to continuing the momentum to expand its areas of operation.
In receiving the MTLs, Bastion joins the growing list of crypto-related firms that obtained the license, 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 received its first MTLs in Michigan, New Hampshire and Missouri.
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Donald Trump has reignited his row with London mayor Sir Sadiq Khan after calling him a “nasty person” who has done “a terrible job”.
During an hour-long news conference with Sir Keir Starmer in Scotland, the US president hit out at the Labour mayor, who has responded with his own snipey remarks.
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Asked if he would visit London during his state visit in September, Mr Trump said: “I will, I’m not a fan of your mayor, I think he’s done a terrible job.
“A nasty person, I think.”
The prime minister then interrupted and said: “He’s a friend of mine.”
But the president added: “I think he’s done a terrible job but I will certainly visit London, I hope so.”
Sir Sadiq’s spokesperson then released a statement saying: “Sadiq is delighted that President Trump wants to come to the greatest city in the world.
“He’d see how our diversity makes us stronger not weaker; richer, not poorer.
“Perhaps these are the reasons why a record number of Americans have applied for British citizenship under his presidency.”
Sir Sadiq Khan was knighted in June. Pic: PA
They noted that Sir Sadiq has won three mayoral elections, including when Mr Trump lost the US election in 2020.
This is not the first time Mr Trump and Sir Sadiq have locked horns.
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The PM told Mr Trump that Sir Sadiq is a friend of his – seen here laying wreaths for the anniversary of the 7/7 bombings. Pic: PA
During his first presidential term, Mr Trump called the London mayor a “stone cold loser who should focus on crime in London”.
Sir Sadiq then described Mr Trump as a “poster boy for racists”.
And in November 2024, after Mr Trump won his second term, Sir Sadiq said many Londoners would be “fearful” about what it would “mean for democracy”.
However, as Sir Keir tried to show diplomacy with Mr Trump after becoming PM, Sir Sadiq said he “wanted to work closely with the American president” ahead of his inauguration in January.
The London mayor said as somebody “who believes in democracy, and voting and elections, we should recognise the fact that Donald Trump is the elected president of the United States”.
But he added: “Let’s keep our fingers crossed that this president is different from the last time he was president.”
The SEC delayed decisions on the Truth Social Bitcoin ETF and Grayscale’s Solana Trust, extending review periods as the US Congress moves with crypto regulation.
The US House of Representatives will be in recess for the month of August, but the Senate still has a week of business to address two crypto bills before breaking.
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