Last updated on September 13th, 2024 at 11:44 am
UAE-based fintech company Fasset has launched IOWN, an Ethereum Layer 2 blockchain designed to facilitate ownership of Real World Assets (RWA).
According to the company’s press release, the platform aims to democratize access to various asset classes, including commodities, real estate, stocks, and bonds, with a particular focus on individuals in emerging markets.
Fasset claimed that IOWN is a key component of its ambitious “30 by 30” plan, which aims to create 30 million asset owners by 2030. It noted that the platform promises lower transaction fees, increased staking rewards, and governance control for token holders.
“Our goal is to create a future where financial inclusion is a universal right. The launch of IOWN represents a significant step towards this ambition, offering emerging markets access to previously inaccessible opportunities,”
Mohammad Raafi Hossain, Fasset CEO and Co-Founder, stated.
The company already offers a range of products, from cryptocurrencies and stablecoins to tokenized securities and metals, with plans to expand into additional asset classes soon. It claimed that its extensive distribution network across emerging markets would give its latest venture, IOWN, a competitive advantage in navigating the legal, regulatory, and operational requirements specific to different asset classes.
Fasset has already secured a significant digital assets licensing portfolio across emerging markets, including the UAE, Indonesia, Malaysia, and Pakistan. The launch follows its recent approval for a Credit Token License from the Labuan Financial Services Authority (Labuan FSA) in Malaysia. Notably, this regulatory backing makes IOWN the first Ethereum L2 chain to receive support from a government regulator.
Meanwhile, the launch of IOWN also builds upon Labuan FSA’s previous initiative, the Islamic Digital Assets Center (IDAC), launched in 2022 as the world’s first Web3 sandbox dedicated to Islamic finance products. IOWN is expected to become a leading blockchain for Web3 projects emerging from this project.
Nik Mohamed Din Nik Musa, Director-General of Labuan FSA, noted that IOWN aligns with Labuan’s efforts to establish a Shariah-compliant blockchain hub and believes the project will elevate the global Islamic finance landscape.
This development comes amid growing interest in RWA tokenization. Recently, the Hong Kong Monetary Authority launched “Project Ensemble Sandbox” to test tokenized money for interbank settlements and transactions involving tokenized assets. In June, Ripple Labs partnered with Archax exchange to strengthen the XRP Ledger’s role in RWA tokenization. The company also revealed plans to introduce significant tokenized assets to the XRPL in the coming year.
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