UK Crypto Startup Fasset Secures $22 Million in Series A Funding

Fasset, a global digital asset gateway, has raised $22 million in a Series A funding round led by New York-based Liberty City Ventures and  Pakistan’s Fatima Gobi Ventures with support from Soma Capital and MyAsiaVC.

Fasset Bags $22 Million From Investors

The London-based crypto exchange intends to use the funds to launch new products as well as bolster its digital asset-driven remittance services across Asia. 

“Digital assets are increasingly crossing over to the mainstream and have massive potential to disrupt legacy businesses and markets, especially in emerging markets,” said Emil Woods, managing partner at Liberty City Ventures.

The funding announcement comes just a day after Fasset obtained an operational license from the European Union to offer its products and services to the EU market. 

Democratizing Finance

Fasset was launched in 2019 as a gateway that allows users to buy and sell cryptocurrencies with zero fees. The platform aims to grow its digital asset remittance business across the world. 

According to Mohammad Raafi Hossain, Fasset CEO and co-founder, the company intends to promote financial inclusion and democratize access to opportunities through digital asset ownership.

“Asset ownership is the strongest way to power healthy livelihoods and economies. Digital asset-driven remittance corridors can unleash a new wave of socioeconomic prosperity through unique product offerings that we’re diligently building,” Hossain said.

Crypto Startups Receiving Support 

The growing adoption of crypto assets has no doubt attracted venture capital firms into the industry as crypto startups continue to receive large funds from investors.

Earlier this year, Solana-based crypto wallet Phantom raised $109 million in a funding round led by Paradigm. The round saw participation from other investors including a16z, Variant, Solana Ventures, and Jump Crypto.

In April, Mina, the world’s supposed lightest blockchain, secured $92 million in an investment round led by FTX Ventures and Three Arrows Capital. Mina noted that the capital would be used to improve its smart contract technology and speed up adoption. 

BlockchainCom also recently received funding from industry investors. Although the amount raised was not disclosed, the company’s valuation surged to $14 billion from $5.2billion recorded in March 2021.