Bahrain-based cryptocurrency exchange RAIN, on Sunday announced that the company has raised $6 million in its Series A round led by Middle East Venture Partners (MEVP), with participation from Coinbase, Vision Ventures, CMT Digital Ventures, JIMCO and the DIFC Fintech Fund.
The crypto exchange in a press statement said that the fresh capital will be deployed towards growing its engineering team, expanding its presence across the Middle East and work with different regulators in the region to achieve its mission.
Founded in 2017 by Abdullah Almoaiqel, AJ Nelson, Joseph Dallago and Yehia Badawy, RAIN offers buying, selling and custody services for cryptocurrencies. It was the first crypto-asset platform in the Middle East to receive a licence in 2019 in Bahrain.
Commenting on the development for RAIN, Riyad Abou Jaoudeh, Junior Partner at MEVP, in a statement said,
“As crypto assets continue to grow and transform into a recognised asset class, regional retail and institutional investors alike need a localised, safe, and regulated fiat-to-crypto rails. We are excited to back Rain Management, Mena’s first regulated crypto-asset company. This marks our first investment in Bahrain, a progressively regulated launchpad for GCC fintechs.”
Vision Ventures, an existing investor of RAIN, said,
“We are glad to continue to invest in Rain, which continues to lead in the sector by enabling everyone from the region to invest in crypto-assets seamlessly. Rain Management’s team has been phenomenal as they grew so much in such a relatively short period of time.”
While the RAIN team in a joint statement, added,
“We are confident that our investors, who are regional and international leaders, will support us as we continue to drive towards our vision of reaching mass adoption of crypto-assets.”