{"id":79057,"date":"2023-10-31T17:02:17","date_gmt":"2023-10-31T21:02:17","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/us-state-regulators-grant-money-transmitter-licenses-to-crypto-startup-bastion\/"},"modified":"2023-10-31T17:02:21","modified_gmt":"2023-10-31T21:02:21","slug":"us-state-regulators-grant-money-transmitter-licenses-to-crypto-startup-bastion","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=79057","title":{"rendered":"US State Regulators Grant Money Transmitter Licenses to Crypto Startup Bastion"},"content":{"rendered":"<div>\n<figure id=\"attachment_124405\" aria-describedby=\"caption-attachment-124405\" style=\"width: 1200px\" class=\"wp-caption aligncenter\"><noscript><\/noscript><figcaption id=\"caption-attachment-124405\" class=\"wp-caption-text\"><em>Source: Bastion<\/em><\/figcaption><\/figure>\n<p>Institutional-focused crypto custody firm Bastion has obtained money-transmitter licenses (MTLs) in New Hampshire and Arkansas.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">1\/ We\u2019re happy to share that we received our first two Money Transmitter Licenses (MTLs) in New Hampshire and Arkansas and can now support fungible assets in both states. <a rel=\"nofollow\" href=\"https:\/\/t.co\/ElFMc7vOPp\">pic.twitter.com\/ElFMc7vOPp<\/a><\/p>\n<p>\u2014 Bastion (@BastionPlatform) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/BastionPlatform\/status\/1719342565428965777?ref_src=twsrc%5Etfw\">October 31, 2023<\/a><\/p>\n<\/blockquote>\n<p>Riyaz Faizullabhoy, co-founder of Bastion, told <strong><em>Crypto News<\/em><\/strong> exclusively that:<\/p>\n<p>\u201cWe are proud to announce the acquisition of Money Transmitter Licenses in New Hampshire and Arkansas just one month after our product launch. Securing these licenses furthers our mission to provide enterprises with a safe, secure, and compliant solution for a broad spectrum of digital assets.\u201d<\/p>\n<p>Bastion was founded by Nassim Eddequiouaq and Riyaz Faizullabhoy, former executives of a16z crypto.<\/p>\n<p>In summary, with these licenses, the platform can support deposits, transfers, and payments of fungible crypto assets like Ethereum and MATIC.<\/p>\n<p>In accordance with the Nationwide Multistate Licensing System (NMLS), the regulatory permit will enable the crypto startup to engage in trading operations related to the selling or issuance of payment instruments.<\/p>\n<figure id=\"attachment_124404\" aria-describedby=\"caption-attachment-124404\" style=\"width: 1600px\" class=\"wp-caption aligncenter\"><figcaption id=\"caption-attachment-124404\" class=\"wp-caption-text\"><em>Source: NMLS Website<\/em><\/figcaption><\/figure>\n<p>The crypto startup also disclosed that it has pending MTL applications in other states, as it aims to collaborate with regulators to provide solutions to enterprise businesses across the US.<\/p>\n<p>Faizullabhoy explained further, saying:<\/p>\n<p>\u201cCompliance is a critical part of our vision, and we are committed to working closely with regulators and customers so enterprises can engage with web3 and take advantage of these new use cases.\u201d\n<\/p>\n<h2>Bastion Continues to Record Upward Growth Trajectory<\/h2>\n<p>\nEddequiouaq and Faizullabhoy launched Bastion on September 18, 2023.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">1\/ After months of building in stealth mode, we are ready to introduce ourselves and announce our $25M fundraise led by <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/a16zcrypto?ref_src=twsrc%5Etfw\">@a16zcrypto<\/a>.<\/p>\n<p>We are Bastion, and we are here to help brands and businesses build a digital world that people actually want to live in \ud83e\uddf5\ud83d\udc47 <a rel=\"nofollow\" href=\"https:\/\/t.co\/mZPCxo1yRl\">pic.twitter.com\/mZPCxo1yRl<\/a><\/p>\n<p>\u2014 Bastion (@BastionPlatform) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/BastionPlatform\/status\/1703801858534539689?ref_src=twsrc%5Etfw\">September 18, 2023<\/a><\/p>\n<\/blockquote>\n<p>Despite the recent drought in venture capital funding, the startup raised $25 million from venture capital giant Andreessen Horowitz (a16z).<\/p>\n<p>Bastion\u2019s vision was streamlined to address issues in Web3 infrastructure services through three major pillars. These include ownership and monetization of digital goods, smart transaction routing, and customer analytics.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">7\/ Here&#8217;s how we do things differently for companies and their customers:<\/p>\n<p>\ud83d\udd13 Custodial Wallet API \ud83d\udd13<br \/>\ud83d\udd01 Smart Transaction Routing \ud83d\udd01<br \/>\ud83d\udca1 User Analytics &amp; Insights \ud83d\udca1<\/p>\n<p>\u2014 Bastion (@BastionPlatform) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/BastionPlatform\/status\/1703801882064679382?ref_src=twsrc%5Etfw\">September 18, 2023<\/a><\/p>\n<\/blockquote>\n<p>The 3-pillar solutions will enable the firm to facilitate businesses to onboard their products and end-users into the immersive Web3 universe without complexities.<\/p>\n<p>A major example is Bastion\u2019s built-in custodial wallet, which works seamlessly with merchants\u2019 authentication methods and requires zero learning curve due to its simplicity.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">2\/ Organizations of any size can now seamlessly integrate web3 infrastructure into existing technologies through a compliant, white-label platform and API that includes custodial wallets, smart transaction routing, and data analytics.<\/p>\n<p>\u2014 Bastion (@BastionPlatform) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/BastionPlatform\/status\/1703801862305284130?ref_src=twsrc%5Etfw\">September 18, 2023<\/a><\/p>\n<\/blockquote>\n<p>To address difficulties driven by friction and scalability, the startup smart transaction routing system routes anywhere from 70% to 90%.<\/p>\n<p>Through these mechanics, the crypto platform merges the simplicity of Web2 with the efficiencies of Web3.<\/p>\n<p>This is done to enable businesses to create a faster way for their customers to pay, play, connect, and shop while simultaneously providing valuable insights through data analytics.<\/p>\n<p>With its latest acquisition of MTLs in two US states, Bastion aims to scale and collaborate with major industry players without sacrificing its goal of immersive utilities to users.<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/us-state-regulators-grant-money-transmitter-licenses-to-crypto-startup-bastion.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: Bastion Institutional-focused crypto custody firm Bastion has obtained money-transmitter licenses (MTLs) in New Hampshire and Arkansas. 1\/ We\u2019re happy to share that we received our first two Money Transmitter Licenses (MTLs) in New Hampshire and Arkansas and can now support fungible assets in both states. pic.twitter.com\/ElFMc7vOPp \u2014 Bastion (@BastionPlatform) October 31, 2023 Riyaz Faizullabhoy, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":79058,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-79057","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>US State Regulators Grant Money Transmitter Licenses to Crypto Startup Bastion | iFintechWorld<\/title>\n<meta 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