Amidst the peaking uncertain time period COVID-19 Pandemic, Mohammad Raafi Hossain, CEO of Fasset, the former technology advisor for UAEs Prime Minister’s office has formally announced the launching of Fasset Exchange-the Gulf’s initial zero-fee cryptocurrency exchange.
The provider of global initial comprehensive ecosystem that is all dedicated for the merging digitalized asset innovations with the aid of real economy, has already announced the initial tactics of launching its second flagship product, the Fasset Exchange (FEX) and the best part is that the FEX, will be offering a zero percent trading fees, comparatively to a market average of 4-5 percent on other native exchanges, as well as the sign-up rewards for the newer users and it will also be available instantly for both the retail and institutional investors within the countries of the Gulf Cooperation Council (GCC).
Hossain further stated that: “While the previous decade has witnessed a huge upsurge in Cryptocurrency and tokenized commodities utilization, there are also a huge continuing complexity arising out of trading to commercial payment system, that has hindered its mass adaptation. As well as additionally, there are a huge volatility as well as huge-risk nature of digitalized assets that have made them unfriendly for huge lot of investors as they are unable to device the actual value.”
“Till date, for accessing digital assets, whether cryptocurrencies as well as the real asset-backed tokens, between the MENASA region has been a heavy process. The industry lacks opposition and, as like a result, provincial exchanges bear maintained an opaque, as well as it is quite on the expensive side, price shape then working model, resulting between high limitations to access or confined choices because of investors.
“FEX brings in accordance with the GCC the accessibility, variety, or the flexibility and pleasure regarding utilization which more and more characterises digital commodity markets somewhere else between the world. It is our belief so each and every investor have to hold a healthy, risk-assessed dole of digital assets. As such, we look advanced after presenting buyers and commodity proprietors throughout MENASA favour as well as the true diversification kind of they’ve on no account seen before.”
Sign-ups for the FEX’s non-public beta are reachable now, together with the masses commence scheduled for opposite that during the previous year then enlargement in accordance with the relaxation on the MENASA location atop the next joining years.
Hossain added: “After the 2017 ICO boom, tokenisation yet security attribute offerings had been deduced to legitimise the crypto industry, method the saying regarding bringing the liquidity over the ICO technology according to actual assets.
“However, while stablecoins as well as safety tokens served to ignite conversations within the cryptocurrency sector, neither bear succeeded within bringing long-term considerable cost according to the marketplace. The originate about FEX brings a higher order regarding stable, high-yielding asset-backed tokens to the field, developing a powerful basis because progressive products into the future.
He acknowledged the FEX choice worship in imitation of furnish near-instant access and liquidity because of both real asset-backed tokens certain namely gold-backed tokens or tokenised sustainable infrastructure tasks and top cryptocurrencies as BTC, ETH, and USDT.
Hossain delivered so much the change wish extensively decrease transaction instances because of real assets namely trades on the podium wish bust seconds.
During personal beta testing, client’s intention gains full get right of entry to in conformity with the FEX podium then marketplace. Using targeted consumer remarks as well as the consumer ceremonial analysis, the Fasset team will usage the beta checking out section according to optimise the FEX website, a statement said.
“However, whilst stablecoins or security tokens served to ignite conversations inside the cryptocurrency sector, neither hold succeeded among bringing long-term substantial cost to the marketplace. The begin regarding FEX brings a larger array regarding stable, high-yielding asset-backed tokens according to the field, creating a powerful basis because of innovative products between the future.
“With concerted efforts out of leaders of the region, including regulators in jurisdictions certain as Bahrain or the UAE, in conformity with assist fintech innovation, we believe up to expectation buyers of the Gulf hold large appetite in accordance with explore the cryptocurrency zone in addition then in imitation of exhort its long-term and sustainable growth.”
Founded into early 2019, Fasset said its leadership team draws over backgrounds of banking, ethical finance, governmental investing, and sustainable infrastructure, or beside institutions consisting of the World Bank, United Nations, Standard Chartered Bank, then the UAE Ministry concerning Cabinet Affairs. The enterprise has already collected greater than $4.7 million promoted beside strategical backers between the UAE, Saudi Arabia, Bahrain, Kuwait, then Singapore.