Startup Betting on Crypto Appeal in Islamic World Raises Funds - Bloomberg
Fasset, a digital-asset gateway, is planning a major expansion in some areas of the Islamic world, as it seeks to boost the adoption of cryptocurrencies in places where it is still viewed with suspicion.
The company closed a $22 million Series A funding round led by Liberty City Ventures and Fatima Gobi Ventures, it said in a statement, adding that regional family offices from the Middle East and South Asia also participated. The money will go toward product development and market expansion, the company 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,” said Mohammad Raafi Hossain, the company’s co-founder and chief executive officer, who’s also a former adviser to the UAE Prime Minister’s Office.
Some corners of the Islamic world have shown skepticism about cryptocurrencies. Indonesia’s National Ulema Council declared it forbidden in November, even though the government has been supportive of crypto assets, allowing it to be traded alongside commodity futures as an investment option and pushing to set up a crypto-focused exchange by the end of the year.
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