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Crypto startup Bastion secures money transmitter licenses in US

October 31, 2023 Coin Telegraph

Launched in September by two former Andreessen Horowitz executives, Bastion has acquired its first two money transmitter licenses in New Hampshire and Arkansas.

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).

*Bastion’s money transmitter license. Source: 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).

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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Former Andreessen Horowitz execs launch Bastion after $25M funding round

September 19, 2023 Coin Telegraph

Former Andreessen Horowitz execs launch Bastion after M funding round

A16Z

The Web3 startup came out of stealth mode after a seed funding round led by a16z crypto, enabling firms to integrate web3 infrastructure into their existing enterprise technologies.

Two former executives from Andreessen Horowitz (a16z)’s crypto division have managed to raise $25 million in seed funding for their newly launched Web3 startup Bastion — despite the recent drought in venture capital funding.

On Sept. 18, the new firm, Bastion, announced the launch of its product suite. The firm’s goal is to enable companies to integrate Web3 infrastructure into their existing enterprise technologies.

Bastion was co-founded by two former executives with a16z’s crypto division, including former chief technology officer Riyaz Faizullabhoy and former chief security officer Nassim Eddequiouaq who left the firm in April.

The $25 million funding round was led by their former employer, a16z crypto. Nomura Group’s Laser Digital Ventures, Robot Ventures, Aptos Ventures, and Alchemy Ventures, were also investors in the seed funding round.

In a statement, Bastion said the funding will be used to scale company operations, recruit top engineering talent, and secure additional licensing to further diversify its product offerings.

Bastion co-founder Faizullabhoy added that the successful funding round came despite an ongoing crypto winter.

“It was clear that even as crypto came back down into another bear market, this time crypto is very much here to stay.”

Crypto venture funding has fallen dramatically this year. According to DefiLlama, there was just $283 million in fundraising in August. This is down 68% from the $877 in crypto venture funding in February.

Bastion will offer custody services, digital asset transactions, and wallets.

Bastion co-founder Eddequiouaq commented, “We founded Bastion to enable businesses to onboard their products and end-users into a web3 environment without the complicated, overwhelming experience we know today.”

While Arianna Simpson, general partner of a16z crypto said, “We believe in Nass and Riyaz’s vision of making web3 safe and accessible for companies in every industry and are extremely excited to support them in making it a reality.”

Earlier this month, a16z led a funding round for blockchain-based intellectual property (IP) ownership platform Story Protocol which raised $54 million.

In June the firm announced the opening of a new London office amid ongoing regulatory pressure in the United States.

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Paris Hilton, a16z back IP ownership network Story Protocol

September 6, 2023 Coin Telegraph

Andreessen Horowitz

Andreessen Horowitz, Paris Hilton and Samsung have invested in the new blockchain-based open IP collaboration network Story Protocol.

The new blockchain-based IP ownership network Story Protocol closed a $54-million funding round on Sept. 7, which included investments from big names, such as Paris Hilton’s 11:11 Media and Andreessen Horowitz, also known as a16z.

The platform uses blockchain technology to help content creators oversee and monetize their content in the face of fakes generated by artificial intelligence (AI). It plans to serve as a blockchain-based IP ownership repository for all types of content, including text, image and audio.

If artists eventually register with the protocol, they can use connected services to sell the licensing rights for various other uses.

The other co-founder of the project, Seung-yoon Lee, estimated that “in a year or two the level of remixed content through GenAI is going to be so much higher.”

“In a world of total abundance catalyzed by generative AI, blockchain technology presents the perfect solution for transparent provenance tracking and fair attribution.”

The round was led by Andreessen Horowitz, which also received equity in the company and the right to buy digital tokens if issued by Story Protocol, according to a spokesperson from the company.

Story Protocol also received backing from Hashed, Endeavor, Samsung Next and David Bonderman, founder of TPG Capital.

The company’s co-founder, Jashon Zhao, said the funds will go toward the launch in the first half of 2024.

The battle against deep fakes and copyright-infringing content at the hands of generative AI has been a major concern for the entertainment industry.

Universal Music Group (UMG) has been campaigning for streaming platforms, such as Spotify, to be vigilant about removing content that misuses copyrighted work.

Shortly after UMG’s email was disseminated, Spotify announced it would be increasing its policing across the platform and actively began to remove content in violation of copyright rules.

Most recently, it was revealed that UMG and Google were in negotiations over how to manage deep fakes and how to best license melodies and vocal tracks that can be used in AI-generated songs.

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$7,600,000,000 Venture Capital Firm Expands to the UK, Says Crypto Can Only Succeed With Clear Regulatory Regime

June 13, 2023 The Daily Hodl

a16z opening London crypto office citing ‘predictable’ environment

June 12, 2023 Coin Telegraph

A16Z

The expansion came following a “productive dialogue” with the United Kingdom’s prime minister and “months of constructive conversations” with U.K. policymakers, a16z’s general partner said.

Venture capital firm Andreessen Horowitz (a16z) is set to open its first office outside of the United States this year, adding to the backdrop of U.S.-based firms seeking greener pastures outside of the country.

Chris Dixon, a16z’s crypto founder and managing partner, cited a “predictable business environment” as one of the main factors behind its decision to expand. The move comes amid a slew of regulatory actions against crypto firms in the United States in recent months.

Big news to share: @a16z is expanding to the UK

We plan to open our first international office in London later this year, and will host the next Crypto Startup School there in 2024.

Why the UK? https://t.co/PQ7GuNEn77
— cdixon.eth (@cdixon) June 11, 2023

Dixon said the decision was finalized after a “productive dialogue” with the U.K. prime minister in addition to “months of constructive conversations” with HM Treasury, U.K. policymakers, and the Financial Conduct Authority. He added:

“We’re thrilled to open our first international office in a jurisdiction that welcomes blockchain technology and is committed to creating a predictable business environment by pursuing regulations that both embrace web3 and protect consumers.”

However, Dixon said the firm remains “heavily invested” in the U.S., and will continue to work with policymakers and regulators to push for more regulatory clarity for crypto start ups.

Rishi Sunak — the U.K.’s new pro-crypto prime minister — attributed the news of a16z’s expansion to having the “right regulation and guardrails” set in place to “foster innovation” while still protecting consumers.

Sunak said he was “thrilled” with a16z’s decision:

“That’s why I am thrilled world-leading investor, Andreessen Horowitz, has decided to open their first international office in the UK – which is testament to our world-class universities and talent and our strong competitive business environment.”

In addition to the new office, a16z has also announced its plan to launch a new “Crypto Startup School” (CSS) program in London in the spring (March to June) of 2024.

The CSS accelerator program will aim to attract U.K. and international entrepreneurs keen on forging a career in Web3.

The most recent CSS program received more than 8,000 applicants, with 26 companies receiving an investment from a16z.

Our next Crypto Startup School will be Spring 2024 in London, & we hope to attract great teams from the region to build web3 projects. Our recent CSS in LA included teams from the UK, US, India, Germany, France, Argentina, Ecuador, & Canada.https://t.co/vxBIPFuSPj
— cdixon.eth (@cdixon) June 11, 2023

The U.K. office will also “work closely with universities” in the U.K. to “provide talent and support” for blockchain-based clubs and to encourage blockchain technology to be taught more in the classroom.

General Partner Sriram Krishnan will be in charge of the new office in London.

Really excited for @a16z’s expanding to the UK with our first international office in London.

And personally excited to be moving there later this year. https://t.co/fJZSfEmHnO
— Sriram Krishnan - sriramk.eth (@sriramk) June 11, 2023

Andreessen Horowitz is the largest venture capital firm in the world, with over $35.8 billion in assets under management (AUM), according to the Sovereign Wealth Fund Institute.

On June 11, a16z led a $43 million Series A fundraise for London-based Gensyn, a blockchain-based marketplace connecting buyers and sellers of computing power.

Some of a16z’s most notable investments in the cryptocurrency space include Coinbase, Avalanche, Compound, Dapper Labs, Matter Labs, OpenSea, Optimism, PROOF, Solana, Uniswap and Yuga Labs.

Cointelegraph reached out to a16z for comment but did not receive an immediate response.

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