Fasset, a digital-asset gateway, has closed a $22 million Series A funding round and will soon be launching services in Pakistan and Indonesia.
The Series A funding round was led by Liberty City Ventures and Fatima Gobi Ventures, with participation from Soma Capital, MyAsiaVC, VSV and others. Prominent institutional investors include regional family offices from the Middle East and South Asia, the company said in a statement.
The funding will be channeled toward new product development and market expansion. The team has been in advanced discussions with several regulatory authorities and will imminently be launching services in Pakistan and Indonesia.
In Pakistan, Fasset is ready to offer digital asset services while in Indonesia it is set to be granted an approval to operate as a full-service cryptocurrency exchange next month. The company has also recently secured an EU authorization. This latest milestone will allow Fasset to connect the remittance corridors of the global diaspora to their home markets, the statement said.
Mohammad Raafi Hossain, Co-Founder and Chief Executive Officer of Fasset, and former Advisor to the UAE Prime Minister’s Office, said,
Fasset is all about bringing multi-faceted digital asset use cases that connect home markets to their diaspora. We’re extremely passionate about financial inclusion and democratizing access to opportunity by enabling a new wave of digital asset owners in our target emerging markets. Asset ownership is the strongest way to power healthy livelihoods and economies. Digital asset-driven remittance corridors can unleash a new wave of socioeconomic prosperity through unique product offerings that we’re diligently building. We are excited to work with regulators to enable this flow of capital, products and opportunity in our markets.
Emil Woods, Managing Partner at Liberty City Ventures shared,
We believe that digital assets are increasingly crossing over to the mainstream, and have massive potential to disrupt legacy businesses and markets, especially in the emerging markets. We are eager to partner with the team at Fasset to capture the opportunities presented, and to shape the future of finance.
Ali Mukhtar, General Partner at Fatima Gobi Ventures shared,
Fasset’s vision of empowering the next billion to access digital assets aligns closely with our investment philosophy for the space. We are proud to support Fasset in democratising access to this nascent asset class and look forward to helping propel the company forward in its target markets of growth.
Fasset is an internationally regulated digital asset gateway that aims to connect the next billion to buy, sell, send and store digital assets such as bitcoin and real world asset tokens.
Situated within the world’s most valuable remittance corridor, Fasset brings easy, free, and frictionless access to digital assets, providing people in frontier markets with the knowledge and the tools to build a better future.