Rain raises $6Mn in Series A funding, aims to expand presence in ME

Rain raises $6Mn in Series A funding, aims to expand presence in ME

Delaware-based digital currency exchange operator, Rain Financial Inc. has reportedly secured USD 6 million in Serious A funding round. Apparently, the round was led by Middle East Ventures Partners (MEVP) and witnessed participation from both new and prevailing investors including Coinbase- a cryptocurrency platform based in the U.S, CMT digital Ventures, Vision Ventures, DIFC Fintech Fund, and JIMCO.

Established in the year 2017 by AJ Nelson, Abdullah Almoaiqel, Yehia Badawy, and Joseph Dallago. The company offers buying, selling, and custody services and is registered with the U.S. Securities and Exchange Commission-.

Rain Management W.L.L. – the company’s Bahrain arm became a licensed crypto-asset medium in the Middle East during the year 2019, after being awarded a Category 3 Cryptocurrency-Asset Service Provider license from the Central Bank of Bahrain. After obtaining the license, Rain Management W.L.L. has expanded the adoption of crypto-assets across the region.

As per reliable sources, Bittrex- America’s prominent blockchain technology provider joined forces with Rain Financial to unveil a digital asset trading platform across the Middle East. Rain provided staff and expertise in the area while Brittex took care of the infrastructure and security of the platform.

In a statement, Riyad Abou Jaoudeh, Junior Partner at MEVP, stated that with the growing adoption of crypto assets worldwide along with its transformation into a recognized asset class, institutional investors and regional retailers need a safe, reliable, and regulated flat-to-crypto rails. Through the investment MVEP has made its first investment in Bahrain, a growing hub for Fintechs, he further added.

In the last few years, the adoption of crypto assets has multiplied and Rain Financial Inc. aims at using the funds to expand its engineering, extend its footprint to the Middle East, and work with various regulators across the region to fulfill its mission.

Source Credit: https://ihodl.com/topnews/2021-01-18/middle-east-bitcoin-exchange-rain-financial-raises-6m-coinbase-and-mevp/