Rain Secures $6 Million In Series A

  • Investment
  • 18.01.2021 06:59 am

Bahrain-based cryptocurrency trading platform Rain has raised $6 million in a Series A round led by Middle East Venture Partners (MEVP), it announced in a statement to MENAbytes yesterday. The round was co-led by Coinbase, the largest cryptocurrency platform in the United States, Saudi-based Vision Ventures, US-based crypto-focused fund CMT Digital Ventures, Saudi’s JIMCO, and Dubai International Fintech Centre’s Fintech Fund. In July 2019 Rain has already closed its $2.5 million seed round. 

Founded in 2016 by Yehia Badawy, Abdullah Almoaiqel, AJ Nelson and Joseph Dallago, Rain enables users to to buy and sell several fiat (BHD, KWD, SAR, AED, OMR, USD) and cryptocurrencies (BTC, ETH, LTC). The web and mobile-based platform allows users in Bahrain, United Arab Emirates, Saudi Arabia, Kuwait, and Oman to buy these cryptocurrencies using their bank accounts, debit cards or credit cards. Rain charges a fee of 1.5% (of transaction value) on purchases made through bank transfers, 4% for the ones made using debit or credit cards and 1.5% of the transaction value a sale. Rain also offers customized cryptocurrency buying, selling, and storage services to businesses, family offices, and high-net-worth individuals through its institutional accounts.

Rain holds the Crypto-Asset Module (CRA) license from the Central Bank of Bahrain (CBB) acquired in July 2019, thus becoming the first crypto-asset brokerage to earn a regulatory license in the Middle East and joins an elite group of brokerages internationally.

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