Fuze, a United Arab Emirates-based provider of digital assets infrastructure, has raised $14 million in a seed round led by Abu Dhabi-based Further Ventures with participation from US-based seed-stage venture capital firm Liberty City Ventures. The capital will help Fuze continue to build out its infrastructure, according to the press release.
Abu Dhabi, capital of the UAE, has long been pro crypto and introduced its first digital asset regulations in 2018. The city has formed the global tech ecosystem Hub71, which launched a $2 billion initiative to back Web3 and blockchain startups in the region. Fuze, founded in December 2022, is part of the Hub71 ecosystem.
Fuze enables businesses in the Middle East and North Africa (MENA) region to offer customers access to digital assets, such as tokens, stablecoins and tokenized assets in a regulated and compliant fashion. The startup was co-founded by CEO Mohammed Ali Yusuf, who previously served as Visa’s business development lead for digital banks and fintechs in Dubai; chief operating officer and fintech veteran Arpit Mehta, and chief technology officer Srijan Shetty, who previously helped build algorithmic trading systems at Goldman Sachs.
“The team at Fuze is highly experienced and has a clear vision to develop a trusted, world-class digital assets proposition,” Further Ventures commented in the press release. “Technology that enables a range of stakeholders is vital for the future of the financial ecosystem and Fuze is well placed to be a leader in digital assets across the MENA region and beyond.”
