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Crypto Exchange With No Trading Fees to Launch in Middle East
Announced on Thursday, the Fasset Exchange (FEX) is open for private beta enrollment and is planning a public launch later this year.
Updated Sep 14, 2021, 10:00 a.m. Published Sep 24, 2020, 5:36 p.m.
A new cryptocurrency trading platform is gearing up to offer zero-fee trades to users in six countries in the Gulf Region. Announced on Thursday, the platform Fasset Exchange (FEX) has started sign-ups for its private beta and is planning a public rollout later this year.
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- According to a press statement emailed to CoinDesk, FEX will be available to investors in Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.
- Launched by fintech firm Fasset, the exchange aims to service both tokens backed by real world assets like gold and cryptocurrencies like bitcoin , ether and USDT.
- While the platform doesn't plan to levy trading fees, it will charge consumers for services such as withdrawal and over-the-counter fees. According to the emailed statement, users who sign up for its private beta testing, will have full access to the FEX platform and marketplace.
- Earlier in July, Fasset announced the launch of an Ethereum based operating system to help tokenize investment in climate-friendly infrastructure.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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