Fasset, a gateway for digital assets, has acquired $22 million in Series A funding and expects to launch services in Pakistan and Indonesia in the near future.
The Series A fundraising round was headed by Liberty City Ventures and Fatima Gobi Ventures, with participation from Soma Capital, MyAsiaVC, and VSV. According to the organization, notable institutional investors include regional family offices from the Middle East and South Asia. The funds will be utilized to increase the company’s product line and market reach. The team is currently in advanced discussions with a number of regulatory agencies and anticipates offering services in Pakistan and Indonesia in the near future.
Fasset is planning to offer digital asset services in Pakistan and is likely to gain approval next month to operate in Indonesia as a full-service cryptocurrency exchange. Additionally, the corporation recently got approval from the European Union. According to the release, this latest milestone would enable Fasset to connect remittance corridors for the global diaspora to their home markets.
Mohammad Raafi Hossain, co-founder, and CEO of Fasset and a former counselor to the UAE Prime Minister’s Office stated:
Fasset is all about bridging the divide between home markets and their diaspora through a variety of digital asset use cases. We are committed to financial inclusion and democratizing opportunity in our target emerging economies through the empowerment of a new generation of digital asset owners. Possessing assets is the most effective strategy for sustaining healthy livelihoods and economies. Through the creation of innovative product solutions, digital asset-driven remittance corridors have the potential to catalyze a new wave of socioeconomic development. We look forward to working with regulators to improve the flow of cash, products, and opportunities in our markets.
Emil Woods, Managing Partner of Liberty City Ventures, stated: “We believe that digital assets are increasingly entering the mainstream and have enormous potential to disrupt established firms and markets, particularly in emerging markets.” We’re pleased to collaborate with the Fasset team to capitalize on emerging possibilities and help shape the future of finance.
Ali Mukhtar, General Partner of Fatima Gobi Ventures, commented,
Fasset’s aim of allowing the next billion to access digital assets is very similar to our approach to space investment. We are delighted to assist Fasset in democratizing access to this emerging asset class and look forward to working with the company in its growth markets.
Fasset is an internationally regulated digital asset gateway that aims to link the next billion by facilitating the purchase, sale, transfer, and storage of digital assets such as bitcoin and real-world asset tokens. Fasset, which is positioned in the world’s most valuable remittance corridor, provides individuals in frontier markets with immediate, free, and frictionless access to digital assets, as well as the knowledge and skills necessary to build a brighter future.
