Fasset Accelerates Adoption of EVs & Green Tech in the Gulf with Tokenization of Tesla Supercharger

Announcements, Blockchain, Innovation, News | May 3, 2021 By:

Fasset, a provider of a tokenization and financing platform for sustainable infrastructure assets, has successfully completed a Proof-of-Concept (PoC) tokenization of a Tesla Supercharger charging unit — the first such pilot in the Gulf and one of the first non-fungible tokens (NFT) to be created in the Middle East.

The tokenization project which is part of Fasset’s Regulatory Sandbox testing in Bahrain, is being run in collaboration with Bahrain-headquartered NEC Payments B.S.C., a digital payment technology company. As part of the first tokenization of a Tesla charging unit, Fasset has created 10 “tokens”—digital representations of fractional ownership—as part of the pilot. These tokens grant holders access to a wall charger at discounted rates—as co-owners in the electricity supplied by the unit. The 10 minted tokens have been distributed to Bahraini residents, who are participating as the Sandbox pilot volunteer customers, and may be bought, sold, or traded just as access tokens for any other service.

“As this milestone marks the first Proof-of-Concept tokenisation of a hard asset on Bahraini soil—the Fasset team is incredibly proud to showcase the potential of Bahrain’s emerging technology sector,” said Mohammad Raafi Hossain, Fasset Chief Executive Officer and former Advisor to the UAE Prime Minister’s Office. “As we continue to support the development of green technologies, including EVs, and digital assets across the Gulf Region, we believe that combining the incredible innovation happening in these two industries will play an important role in creating a more sustainable future. We are excited to have the opportunity to work with like-minded partners, such as NEC Payments, in pursuit of these goals.”

Of the 10 minted tokens, one token has been converted into a credit-and-use NFT. The NFT token has been given to NEC Payments Co-Founder and Chairman, Fuad Nonoo to commemorate this milestone.

“This is a significant moment for the Middle East’s greentech sector, providing a timely and salient use case of tokenisation technology with real consumer and cultural impact,” said Nonoo. “Drawing on our experience at NEC Payments of innovating in the digital financial services sector, we are excited to support the emergence of new forms of digital assets globally, from cryptocurrencies to NFTs.”