The Client | Fasset

Fasset is a financial technology company founded in 2019, offering an all-in-one financial super app that enables individuals and businesses to securely invest, earn, and make payments globally. The platform provides access to both digital and real-world assets, including cryptocurrencies, stocks, bonds, commodities, and precious metals, facilitating seamless wealth management.

Headquartered in Dubai, United Arab Emirates, Fasset operates across multiple continents, including Asia, Europe, and Africa. The company is led by co-founders Mohammad Raafi Hossain, serving as Chief Executive Officer, and Daniel Ahmed, the Chief Operating Officer. As of June 2024, Fasset employs approximately 93 individuals. 

Fasset has secured funding through various investment rounds, including a Series A round in April 2022, raising $22 million from investors such as Liberty City Ventures, Fatima Gobi Ventures, Soma Capital, and MyAsiaVc. The company continues to focus on transforming the financial landscape by providing inclusive and ethical wealth creation opportunities, particularly targeting underserved communities.

https://fasset.com/

The Project | OWN

Fasset is incubating Own, an Ethereum Layer 2 protocol designed to facilitate the creation, management, and distribution of tokenized real-world assets (RWAs). This initiative aims to democratize access to various asset classes, including stocks, bonds, commodities, and precious metals, by bringing them onto the blockchain. By leveraging Fasset's expertise in digital asset exchange and compliance, Own provides a secure, scalable, and efficient platform for users to engage with tokenized assets, promoting financial inclusion and innovation in emerging markets.

https://www.iown.xyz/

José Pereira, Own Chain Executive Director, and Francesco Piras, BrightNode's CEO.

BrightNode's Contribution

1. Comprehensive Tokenomics Design:
   BrightNode played a central role in developing the tokenomics models for the $OWN token, ensuring that its economic structure aligned with the project’s long-term sustainability and growth objectives. This involved:

   • Defining token allocation and distribution strategies, including vesting schedules to ensure gradual market release and mitigate sell pressure.

   • Crafting a token utility framework that incorporated staking mechanisms, rewards programs, discounted transaction fees, and exclusive access to services within the Own Chain ecosystem.

   • Assessing liquidity strategies and designing mechanisms to drive demand, such as buyback initiatives and token-burning policies.

   • Evaluating the role of the $Own token in governance, allowing token holders to participate in key decision-making processes within the ecosystem.

   • Refining Fasset’s initial tokenomics assumptions through analysis, market benchmarking, and scenario modeling to optimize financial and incentive structures.
     
     
     

2. Contribution to the OWN Tokenization Strategy:
   BrightNode contributed to the strategic framework of the OWN Protocol, particularly in the tokenization of RWAs. This work included:

   • Reviewing and refining technical documentation to clearly articulate the value proposition of the OWN Protocol.

   • Defining the utility and governance role of the $OWN token in facilitating RWA transactions and enabling users to gain fractional ownership of tokenized assets.

   • Identifying key asset classes suitable for tokenization and proposing models to ensure compliance with regulatory requirements across different jurisdictions.

   • Assessing the potential economic impact of bringing RWAs on-chain, including liquidity considerations and financial inclusivity benefits.
     
     
     

3. White Paper Development and Documentation:
   BrightNode was responsible for contributing the OWN white paper, ensuring it was well-structured, comprehensive, and aligned with Fasset’s vision. Our contribution in this area involved:

   • Conducting an in-depth review of existing drafts and integrating new insights gained from meetings and research.

   • Structuring the document to effectively communicate the technical aspects, economic mechanisms, and real-world applications of the project.

   • Clarifying the roadmap and key milestones, demonstrating how the OWN token would evolve within the broader Web3 ecosystem.

   • Ensuring that the white paper provided transparency on token distribution, staking mechanisms, and governance models, catering to both institutional and retail investors.
     
     
     

4. Strategic Collaboration and Project Alignment:
   BrightNode worked closely with Fasset through regular meetings, contributing expertise in tokenomics, regulatory considerations, and blockchain strategy. Our role in the collaboration included:

   • Structuring discussions to align project milestones with the broader vision of Fasset’s ecosystem.

   • Providing insights into tokenomics-related challenges, such as maintaining a sustainable supply-demand balance and optimizing incentive mechanisms.

   • Assisting in defining long-term sustainability strategies, ensuring that tokens remained viable and attractive investment opportunities in the evolving crypto landscape.
     
     
     

Through these contributions, BrightNode played a key role in refining Fasset’s tokenomics strategy, supporting the tokenization of real-world assets, and ensuring the project's vision was clearly communicated to stakeholders. Our involvement helped establish a strong foundation for the $OWN token, enhancing its utility, economic sustainability, and long-term adoption within the blockchain ecosystem.