Crypto platform Fasset raises $22M in Series A funding

Cryptocurrency startup Fasset is looking to ramp up its expansion in the emerging crypto markets with its latest round of funding. The digital asset gateway has raised $22 million in a Series A funding round led by Liberty City Ventures and Fatima Gobi Ventures.

The UK-based company also saw participation from Soma Capital, MyAsiaVC, and multiple regional offices in the Middle East and South Asia. With the fresh capital, Fasset aims to develop new products and expand its cryptocurrency trading services in Asian markets, it revealed in the announcement.

“We have been working with some of the most prolific and well known Islamic finance jurists and thought-leaders to educate the masses on how Muslims can interact with this emerging asset class in a Sharia compliant manner,” Fasset co-founder and chief executive officer Mohammad Raafi Hossain said in a statement, as quoted by Bloomberg.

Hosseien is also a former adviser to the UAE Prime Minister’s Office. Revealing the company’s most recent plans, he said the company has conducted forward-looking discussions with multiple regulatory authorities. Furthermore, it plans to launch services in Indonesia and Pakistan.

While Islamic states like the UAE have more recently introduced crypto-friendly laws, both Pakistan and Indonesia have not adopted a similar approach.

In November 2021, Indonesia’s national religious council, the ‘National Ulema Council of Indonesia’ (MUI), declared cryptocurrencies forbidden due to uncertainties, bets, and harmful elements associated with them. Pakistan’s central bank, similarly, sought a blanket ban on crypto assets in January this year.