Fasset Raises $22m For Expansion In Indonesia And Pakistan

Fasset, a digital asset gateway, has closed a $22 million Series A funding round led by Liberty City Ventures and Fatima Gobi Ventures with participation from Soma Capital, MyAsiaVC and others, according to a statement from Dubai on Friday.

Funding will be used to develop new products and expand the market. The company is in talks with several regulators and will soon launch services in Indonesia and Pakistan.

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“We are working with some of the most prolific and well-known Islamic financial lawyers and thinkers to educate the masses on how Muslims can engage with this new asset class in accordance with Shariah,” said co-founder and CEO Mohammad Raafi Hossain, who is also a former adviser to the Office of the Prime Minister of the UAE.

Some parts of the Islamic world are skeptical about cryptocurrencies, while others, including Dubai, are actively attracting digital asset companies.

Changpeng Zhao , co-founder and CEO of Binance , the world’s largest cryptocurrency exchange by trading volume, said last month that Dubai would be its base for the foreseeable future and that the company’s headquarters would be located there, according to “any conventional interpretation,” it reported at the time. Bloomberg agency.

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