Key Takeaways
- Fasset has officially launched its crypto exchange app in the United Arab Emirates.
- The launch was made possible after Fasset secured a VASP License from the VARA in Dubai.
- Fasset’s app offers a wide range of digital and tokenized real-world assets for investment, including cryptocurrencies and stablecoins.
- Fasset has raised a total of $26.7 million in funding from notable investors, including Liberty City Ventures and Ceras Ventures.
Fasset today officially released its digital asset exchange app in the United Arab Emirates (UAE), opening up a new sphere of investment opportunities for both novice and seasoned investors.
This move comes after Fasset became one of the first recipients of a Virtual Asset Service Provider (VASP) License from Dubai’s Virtual Asset Regulatory Authority (VARA) in November 2023.
The app’s launch in the UAE is a strategic step for Fasset, following a successful launch in Indonesia last year, where it attracted over one million users within the first week.
Fasset’s innovative platform not only allows users to engage in spot exchange transactions and transfer funds in a secure blockchain environment but also offers a broad spectrum of investment options including cryptocurrencies, stablecoins, and tokenized real-world assets.
A standout feature of the Fasset app is its educational component, Fasset Play, designed to offer a risk-free learning environment for users to hone their investment skills. This initiative aligns with Fasset’s mission to democratize access to financial services, enabling a wider audience to explore and manage their wealth.
Fasset CEO Mohammad Raafi Hossain emphasized the company’s commitment to the UAE market, citing the government’s push for innovation and entrepreneurship as key drivers for the region’s burgeoning interest in digital assets.
“Our goal is to empower people to have universal access to financial services, so they have more opportunities to build and manage their wealth,” Hossain said in a statement shared with AlexaBlockchain.
The UAE marks Fasset’s second country of operations, with the company boasting a significant presence in emerging markets including Indonesia, Malaysia, Bangladesh, Pakistan, and Türkiye. The VASP license by VARA enables Fasset to offer virtual asset brokerage services out of Dubai to customers worldwide.
Fasset’s strategic partnerships have been instrumental in its rapid growth. In Indonesia, the company partnered with Indosat Ooredoo Hutchison to launch the world’s first embedded digital asset exchange in a telco app, reaching over 100 million users. Additionally, Fasset collaborated with Mastercard to introduce a crypto card for users in the region.
Fasset has raised a total of $26.7 million in funding. This includes a significant $22 million raised in a Series A funding round in April 2022, led by Liberty City Ventures from New York and Fatima Gobi Ventures from Pakistan, with additional participation from Soma Capital and MyAsiaVC. Before this, Fasset raised $4.7 million across two rounds, including seed funding from Dubai’s Ceras Ventures in May 2021.
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