Bastion Secures Money Transmitter License in New Hampshire and Arkansas

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Oct 31, 2023, 09:00 ET

License approvals mark first step towards Bastion's support of fungible assets in the United States just weeks after company launch

NEW YORK, Oct. 31, 2023 /PRNewswire/ -- Bastion (the "Company"), an enterprise-grade web3 orchestrator and custodial wallet, today announced the acquisition of Money Transmitter Licenses ("MTLs") in New Hampshire and Arkansas, the first two MTLs acquired by Bastion. The licenses, granted by the New Hampshire Banking Department and Arkansas Securities Department, will enable Bastion to support fungible assets in each state. The acquisitions, just one month after Bastion's launch, solidifies the company's commitment to providing businesses across the United States with the ability to engage their customers in a safe, secure, and compliant manner across a broad spectrum of digital assets.

In accordance with the Nationwide Multistate Licensing System (NMLS), the license acquisitions enable the license holder, Bastion, to engage in activities related to the selling or issuance of payment instruments, stored value, prepaid access, as well as the receipt of money and virtual currency to facilitate transactions with others in these states. These newly acquired licenses can be found on the official website of NMLS by entering the NMLS ID 2523302. Bastion has additional applications pending for Money Transmitter Licenses in the United States and eagerly looks forward to working with the individual states to acquire a license where required in each jurisdiction.

Bastion co-founder Nassim Eddequiouaq commented on today's news: "The acquisition of Money Transmitter Licenses in New Hampshire and Arkansas is a consequential step in realizing our long-term vision. We are thrilled to work with enterprise businesses in the corresponding regions and offer them the most comprehensive solution to support a broad spectrum of web3 experiences and digital assets. We view this milestone as a testament to the strength and speed of our team and we look forward to continuing this momentum to expand on our areas of operation."

The news of the license acquisitions comes just over a month after the Company's launch. Bastion is a product suite that empowers brands to build products and experiences that unlock the full potential of web3 through a custodial wallet API, Smart Transaction Routing off the blockchain, and data and analytics across the entire customer journey. At launch, the Company also announced a $25 million seed funding round led by a16z crypto that will be used to scale company operations, recruit top industry talent, and secure additional licensing to further diversify Bastion's product offerings.

For more information, please visit: bastion.com.

About Bastion
Bastion is an enterprise-focused web3 orchestrator that empowers businesses to seamlessly build web3 solutions. Founded by two former a16z executives, Bastion is pioneering the evolution of the digital world, providing seamless integration of web3 infrastructure into enterprise technologies. Bastion's solution is robust, secure, and compliant infrastructure, combining the best of web2 and web3 so companies can create faster and easier ways for people to pay, play, connect, and shop, all while simultaneously offering valuable insights through proprietary data analytics.

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