Fasset and Mastercard have partnered together to promote the use of cryptocurrencies in Indonesia
Mastercard, a global supplier of financial services, and Fasset, a provider of cryptocurrency gateways, have formed a partnership to co-develop digital solutions in an attempt to increase bitcoin acceptance in Indonesia.
The purpose of the cooperation is to broaden access to financial services and increase the number of possibilities available in the nation located in Southeast Asia.
Users are able to exchange digital assets such as bitcoin and tokens representing real-world assets using the platform Fasset, which was launched in 2019 and was based on the Ethereum blockchain. The majority of the company’s focus is on developing nations, and its headquarters are located in the United Kingdom.
Fasset is hoping that by collaborating with Mastercard, it will be able to give financial access and digital capabilities that would help bridge the digital divide.
The cryptocurrency company has announced that in addition to expanding its product offerings, it is also building training and educational platforms with the goal of bringing those who are underserved into the formal financial sector.
An executive at Fasset named Hendra Suryakusuma has said that the acceptance of cryptocurrencies in countries such as Indonesia would have a big influence on the larger crypto ecosystem because it will serve as a reference for other nations to seek advancement and the speed of economic expansion.
The most recent agreement comes after Fasset completed a series A investment round in April for US$22 million. Additionally, the company was granted three operating licenses by the Labuan Financial Services Authority of Malaysia one month ago, allowing it to begin business operations in the nation.
A poll found that Indonesians are the most likely people in the world to acquire cryptocurrency, with 41 percent of the population doing so. In the meanwhile, as of the year 2021, over 66 percent of the country’s 275 million inhabitants still did not have a bank account, giving it an ideal ground for international financial actors.