Islamic-world-focused crypto startup Fasset raises $22 million

The Fasset platform for trading digital assets raised $22 million in a Series A financing round, Bloomberg reports.

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The round was led by venture firms Liberty City Ventures and Fatima Gobi Ventures. The latter focuses on Pakistani startups. The funds were also provided by Soma Capital, MyAsiaVC and others.

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The investment will be used to develop new products and to expand into Indonesia and Pakistan. The startup is in talks with regulators to launch services in the indicated regions.

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\”We are working with some of the most well-known Islamic finance lawyers and thought leaders to disseminate information to the masses about how Muslims can interact with an emerging asset class in accordance with Sharia law,\” said the startup’s co-founder Mohammad Rafi Hossein.

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Some Islamic countries are skeptical about cryptocurrencies. In November 2021, Indonesia’s National Religious Council declared them haram, i.e., forbidden for pious Muslims. At the same time, the country’s secular authorities allow residents to conduct digital asset transactions and even levy taxes on that activity.

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Fasset said that in May Indonesia would grant the startup a license to operate as a full-service cryptocurrency exchange. In Pakistan, a similar license has already been obtained.

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In January 2021, the Bitcoin exchange CoinMENA received a license from the Central Bank of Bahrain and a Sharia-compliance certificate from the Shariyah Review Bureau.

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