Fasset raises $22 million, plans expansion in Indonesia, Pakistan

Fasset, a digital asset gateway, closed a $22 million Collection A funding spherical led by Liberty Metropolis Ventures and Fatima Gobi Ventures, with participation from Soma Capital, MyAsiaVC and others, it stated in a press release from Dubai on Friday.

The funding shall be channeled towards new product improvement and market enlargement. The corporate has been in superior discussions with a number of regulatory authorities and can quickly be launching companies in Indonesia and Pakistan, it stated.

“We now have been working with a few of the most prolific and well-known Islamic finance jurists and thought-leaders to coach the lots on how Muslims can work together with this rising asset class in a Sharia compliant method,” Mohammad Raafi Hossain, the corporate’s co-founder and chief govt officer, who’s additionally a former adviser to the UAE Prime Minister’s Workplace, advised Bloomberg earlier, which cited an emailed interview.

Some components of the Islamic world have been skeptical towards cryptocurrencies, whereas others, together with Dubai, have been actively attracting digital asset corporations.

Changpeng Zhao, co-founder and CEO of Binance, the world’s largest cryptocurrency change by buying and selling quantity, stated final month that Dubai could be his base for the foreseeable future and by “any widespread interpretation,” the corporate’s headquarters, Bloomberg reported on the time.