Bahrain-licensed crypto exchange Rain Financial raises $110m funding

abdelaziz Fathi

Bahrain-headquartered cryptocurrency exchange Rain Financial has raised $110 million in a Series B funding round co-led by San Francisco-based investment fund Paradigm and Silicon Valley VC firm Kleiner Perkins, it announced in a statement.

The financing round also saw participation of different new and existing investors including US-based Coinbase Ventures, Middle East Venture Partners, crypto-focused fund CMT Digital Ventures, Global Founders Capital, and Cadenza Ventures. Rain had raised $6 million in a Series A in January 2021 and $2.5 million in a seed round in July 2019.

Founded in 2017 by Abdullah Almoaiqel, AJ Nelson, Joseph Dallago, and Yehia Badawy, Rain became the first cryptocurrency exchange to secure a regulatory licence in the Middle East in 2019. The platform allows users in Bahrain, Saudi Arabia, United Arab Emirates, Kuwait, Oman, and beyond to buy, sell, and store cryptocurrencies through its web and mobile-based portal.

Having earned its license from the Central Bank of Bahrain, Rain Financial also in talks with regulators in the Middle East to widen its reach. The exchange, which also operates as a crypto-asset broker, plans to use the fresh capital injection for a regional expansion and to grow its team, as well as strengthening its technological platform.

Bahrain has become a crypto-friendly hub

“We are very excited about this funding opportunity as it allows us to continue conversations with regulators across the MENA region, Turkey, and Pakistan about the benefits and potential of cryptocurrency,” said Rain’s co-founding team.

Casey Caruso, an investment partner at investment firm Paradigm, added: “We believe Rain is a crucial piece of the puzzle for bringing the Middle East deeper into the new crypto economy. Their emphasis on supporting and educating those new to crypto alongside strong banking and regulatory relationships has helped them build a service people trust. This is just the beginning for Rain, and we’re honored to support their growth.”

Earlier in December, the Central Bank of Bahrain (CBB) made an in-principal decision to grant Binance its authorization to establish a crypto-asset business, paving the way for it to begin operations within the country.

The world’s largest cryptocurrency exchange received the licence after reportedly meeting all of the operational, technical, and security requirements outlined by the CBB. An “in-principle” decision, however, is the first stage of the full authorization process whereby the applicant needs to satisfy the CBB on one or more requirements in order to obtain a license.

 

Read this next

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

Digital Assets

BlockDAG Presale Raises $9.9M as Batch 5 Nears Sell-Out Amid Bonk’s Fluctuating Trading Volume & Spell’s Bullish Price

Explore BONK’s trading volume, SPELL’s market shifts, and why BlockDAG’s 10,000 ROI makes it an ideal crypto for savvy investors in 2024.

Digital Assets

Bybit expands into Europe amid regulatory scrutiny

Dubai-based cryptocurrency exchange Bybit is expanding its operations in Europe after encountering regulatory challenges in Hong Kong.

Digital Assets

Cathie Wood’s sponsored Bitcoin ETF sees historic $200 million inflows

The ARK 21Shares Bitcoin ETF (ARKB), co-sponsored by Cathie Wood’s ARK Invest, registered historic inflows exceeding $200 million on Wednesday, signaling a robust appetite among investors for Bitcoin-centric investments.

Digital Assets

Sam Bankman-Fried might see his 25-year sentence halved

Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was sentenced to 25 years in federal prison by a Manhattan court on Thursday. This comes after he was convicted of defrauding customers and investors, with Judge Lewis Kaplan highlighting the potential future risks posed by Bankman-Fried.

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

Digital Assets

BlockDAG’s Presale Hits $9.9M, MultiversX & MINA Price Predictions Show Green

Read about BlockDAG’s promising $10 prediction and insights on MultiversX Price Prediction as MINA’s potential unfolds.

Digital Assets

Rockstar Co-Founder and All-star Line Up Join Advisory Board to Take Metacade into Post Beta Orbit

Metacade, the revolutionary Web3 gaming platform, prepares to streak out of beta with a slew of ground-breaking initiatives that will redefine the way blockchain games are developed.

<