The street name derives from the presence of shops selling “rascia” or “rassa”, woollen cloths used to cover gondolas, and which were given this name because they came from the kingdom of Rascia (ancient Serbia). The area in front of the street is famous as being the location of the murder of Doge Vitale Michieli II while on his way to mass at San Zaccaria on Easter Sunday. The street was one of the areas banned to prostitutes, since it was near the Doge’s residence. 

The palazzo at the beginning of the street has been the home of the Hotel Danieli since 1822 when it was opened by nobleman Giuseppe da Niel, known as Danieli. The palazzo was built in the 14^th century by the family Dandolo, and used for many years to lodge nobles in the city and for parties.