The Central Bank of Bahrain has authorized digital financial services platform Fasset to begin developing innovative blockchain solutions that integrate digital assets with the real world.
facet is a UK financial services company dedicated to improving real-world finance through today's technological innovations. This company integrates technology-based solutions blockchain that seek to simplify and improve people's quality of life. Thanks to its track record and performance, Fasset is one of the best options in the region to exploit the potential that emerging technologies encompass in the development of new financial infrastructures.
For its part, in 2017 the Central Bank of Bahrain revealed a positive and optimistic stance towards blockchain. In fact, since 2018 it has been seeking to implement a regulatory framework favorable for the development of new technologies, and allow companies that provide services with cryptocurrencies, can operate legally within the country.
Thus, with the Central Bank's authorization to Fasset, the company will be able to develop solutions that allow the tokenization of hard assets in the Bahrain regulatory sandbox, and merge the technological innovations of digital assets with the real economy. The news was recently announced by Fasset through a release press release that he shared with the portal AMBCrypto.
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Announcing the first fee-free exchange
Fasset presents itself as an infrastructure with the potential to raise capital from a broad group of global investors in a faster, safer, more efficient and transparent way, compared to the current financing system, which according to the company “moves slowly and cannot meet demand”. In fact, the company recently announced that it raised around 4,7 million in a pre-funding round with contributions from strategic backers located in the United Arab Emirates, Saudi Arabia, Bahrain, Kuwait and Singapore.
The company seeks to solve existing problems of market accessibility and liquidity by reducing current costs and fees that are prohibitively high for many stakeholders. As a solution, Fasset is introducing a new fee-free exchange, called Fasset Exchange (FEX), which will be available in the Middle East.
With the new exchange, countries like Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates will have access to regular cryptocurrencies like Bitcoin (BTC) y Ethereum (ETH)As well as stablecoinsas the Tether (USDT), without paying trading fees; although they will have to pay for withdrawals, over-the-counter sales and transactions. OTC.
The exchange will also allow participants to have near-instant access and liquidity to tokens backed by real-world assets and tokens backed by goods such as gold or tokenized sustainable infrastructure projects. Both retail and institutional investors will be able to actively participate in this platform, enjoying a variety of assets to diversify their digital asset portfolios. FEX also has the potential to significantly reduce transaction times for real assets, so investors will not have to wait for days or weeks to make a transaction, as is the case with unlisted infrastructures. In addition, the exchange guarantees complete transparency and reliability for its investors.
Blockchain talent for Bahrain
Bahrain is one of the countries in the Middle East with one of the lowest economies, compared to other Gulf member countries, such as the United Arab Emirates, which are emerging as powers in the region and in the world. Therefore, through blockchain, Bahrain seeks to boost its economic and technological development. Even the Bahrain Institute of Banking and Finance announced the creation of its own "Blockchain Academy» to promote education and knowledge about this technology. The academy offers training and courses focused on the development and strategic implementation of this developing technology.
Thus, through blockchain technology, the nation will be able to expand its remittance routes to provide fast and effective cross-border payments to other countries and regions, in addition to creating a solid foundation for the future development of innovative products that foster its economic growth and expansion. The integration of innovative blockchain solutions through Fasset will lead the nation to become a fundamental piece of technological development in the region.
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