Cryptocurrency platform, Fasset, raised $22 million in its Series A funding round as it plans to expand its operation in Pakistan and Indonesia.
As per reports, the funding round was led by Liberty City Ventures and Fatima Gobi Ventures, with other investors being Soma Capital, MyAsiaVC, and others.
The funding will be utilized for the development of new products and market expansion.
The firm is already in talks with several regulatory bodies and will soon be launching services in Indonesia and Pakistan. Ironically, Indonesia has been quite skeptical about crypto trading if one goes back to its record.
Mohammad Raafi Hossain, the company’s co-founder, and CEO said “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.”
Hossain has formerly served as an adviser to the UAE Prime Minister’s Office.
As mentioned above, while some parts of the Islamic world have been unsure of cryptocurrencies, Dubai plans to become the dream destination for the global crypto industry especially after it began to offer virtual asset licenses.
