Crypto Exchange Fasset is now available in UAE.

Key Takeaways

• Fasset has officially launched its cryptocurrency exchange app in the United Arab Emirates.
• The launch was made possible after Fasset secured a VASP license from Dubai VARA.
• Fasset’s app offers a wide range of digital and tokenized real-world assets for investing, including cryptocurrencies and stablecoins.
• Fasset has raised a total of $26.7 million in funding from prominent investors including Liberty City Ventures and Ceras Ventures.

Fasset officially launched today. Digital asset exchange apps in the United Arab Emirates (UAE) open up a new realm of investment opportunities for both beginners and seasoned investors.

This move comes next Fasset became one of the first beneficiaries. It obtained a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Asset Regulatory Authority (VARA) in November 2023.

App launched in UAE This is a strategic step for Fasset following its successful launch in Indonesia last year, attracting more than 1 million users in the first week.

Fasset’s innovative platform Users can participate in spot exchange transactions and transfer funds in a secure blockchain environment, as well as a wide range of investment options including cryptocurrencies, stablecoins and tokenized real-world assets.

outstanding features Fasset Play, the educational component of the Fasset app, is designed to provide a risk-free learning environment where users can hone their investing skills. This initiative aligns with Fasset’s mission to democratize access to financial services, enabling more people to explore and manage their wealth.

Fasset CEO Mohammad Raafi Hossain He highlighted the company’s commitment to the UAE market, citing the government’s push for innovation and entrepreneurship as a key driver of the region’s surging interest in digital assets.

“Our goal is to empower people with 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 is Fasset’s second country of operation and the company boasts a significant presence in emerging markets including Indonesia, Malaysia, Bangladesh, Pakistan and Turkey. VARA’s VASP license allows Fasset to provide virtual asset brokerage services out of Dubai to clients around the world.

Fasset’s strategic partnerships have been instrumental in the company’s rapid growth. In Indonesia, we partnered with Indosat Ooredoo Hutchison to launch the world’s first digital asset exchange built into a telco app, reaching over 100 million users. Fasset has also partnered with Mastercard to launch a cryptocurrency card for users in the region.

Fasset raised a total of $26.7 million in funding. This includes a significant $22 million raised in an April 2022 Series A funding round led by New York’s Liberty City Ventures and Pakistan’s Fatima Gobi Ventures, with additional participation from Soma Capital and MyAsiaVC. Prior to this, Fasset raised $4.7 million in two rounds, including seed funding from Dubai-based Ceras Ventures in May 2021.

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