Bahrain-based cryptocurrency exchange, Rain who graduated from the regulatory sandbox of the Central Bank of Bahrain back in February and earned a Shari’a compliance certification – has now become the first Middle East crypto exchange to earn a regulatory license.
The announcement about the license and a seed round of $2.5 million was made on Wednesday. The investment round was co-led by Bitmex Ventures, and Kuwait-based cryptocurrency fund, Blockwater and other regional participants including Vision Ventures, 500 Startups MENA, and Taibah Valley.
Founded in 2016 by entrepreneurs Yehia Badawy, Abdullah Almoaiqel, AJ Nelson and Joseph Dallago – Rain backed with the license and funding, aims to deliver easier and more reliable access to cryptocurrency across the region.
“As the first licensed cryptocurrency exchange in the Middle East, Rain has an unprecedented opportunity to tap into the incredible potential that cryptocurrency trading will bring to the region.”
“We believe that Rain will bring greater diversification to Middle-Eastern traders with its exchange offering and experienced team, and we are thrilled to contribute to this defining moment.”
– Arthur Hayes – CEO & Co-founder, BitMexArabian Business
Rain now has a gigantic base of crypto frontline investors which includes Jimmy Song, Mike Komarnsky, Aaron Lasher and Aaron Voisine. And with the latest funding, the company aims to expand its team, scale customer support, fulfil engineering needs and invest in new technology.