Mastercard Partners With Fasset To Promote Crypto in Indonesia

Mastercard Partners With Fasset To Promote Crypto in Indonesia
  • Fasset closed a series A financing round for $22 million in April.
  • Global payments firm Mastercard partnered with crypto lender Nexo in April.

An alliance between Mastercard, a major global financial services company, and the cryptocurrency gateway operator Fasset aims to broaden the acceptability of cryptocurrency in Indonesia. The collaboration’s goal is to make financial services more widely accessible and to improve the variety of options available in the Southeast Asian country.

Fasset, a platform built on the Ethereum blockchain, was established in 2019 and allows users to trade digital assets like bitcoin and tokens that reflect real-world assets. The company’s headquarters are in the United Kingdom; however, it primarily works with underdeveloped countries.

Creating Crypto Awareness Among Individuals

Through a partnership with Mastercard, Fasset hopes to broaden financial access and digital capabilities for those who are currently disadvantaged. There is an announcement from the cryptocurrency firm about expanding its product offerings and creating educational and training platforms for individuals who are underserved in the conventional financial industry.

For countries like Indonesia, the adoption of cryptocurrency will serve as a benchmark for economic progress and growth rates, according to Fasset’s Hendra Suryakusuma, an executive in the company’s blockchain division.

Fasset closed a series A financing round for $22 million in April, leading to the most recent deal. The Labuan Financial Services Authority in Malaysia has awarded the firm three operating licenses, enabling it to commence operations there.

Global payments firm Mastercard partnered with cryptocurrency lender Nexo in April of this year to produce the world’s first “crypto-backed” payment card. As digital assets become more widely accepted, this is a symptom of the growing cooperation between crypto and established financial networks.

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An engineering graduate who is passionate about writing and loves the very existence of crypto. Trading forex currency keeps me busy when I am not writing and analysing the crypto world.