Share this article
Crypto Exchange Rain Raises from BitMEX, Opens Trading In Middle East
BitMEX Ventures-backed crypto exchange Rain opens for business following a two-year sandbox program under Bahraini central bank
Updated Sep 13, 2021, 11:15 a.m. Published Jul 31, 2019, 6:00 a.m.
Make us preferred on Google
Cryptocurrency exchange Rain has opened its doors for business following regulatory approval by Bahrain’s central bank. The exchange also closed a $2.5 million funding round co-led by BitMEX Ventures.
Rain received a Crypto-Asset Module (CRA) license following a two-year regulatory sandbox process per a statement from the exchange. Both the first project and graduate under the Central Bank of Bahrain’s (CBB) sandbox program, Rain is looking to fill a gap in the Middle East’s digital asset market.
STORY CONTINUES BELOW
Along with BitMEX Ventures, the funding round was co-led by Kuwaiti cryptocurrency fund Blockwater. Bitcoin enthusiast Jimmy Song, Cumberland Minings’ Mike Komarnsky, and Aaron Lasher and Aaron Voisine, co-founders of Breadwallet now BRD, also participated.
Commenting on BitMEX Ventures' investment, CEO and co-founder Arthur Hayes spoke on the need for crypto on-ramps, particularly in the developing world:
“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.”
Founded in 2018, the exchange plans on using the funds for continued infrastructure development and team additions.
Central banks continue to set the pace for fintech development in the Middle East with Iran recently looking to green-light crypto mining. In December, the National Bank of Kuwait partnered with Ripple for a remittance service, NBK Direct Remit, as a pilot program between Kuwait and Jordan.
Bahrain banknotes via Shutterstock
More For You
Crypto PAC Fairshake leaps into first midterm Senate race with $5 million in Alabama
The industry's leading campaign-finance operation is getting behind a pro-crypto candidate, Barry Moore, in Alabama's Republican Senate primary.
What to know:
- The crypto industry's campaign-finance arm is flexing with an opening $5 million for a Republican Senate primary election in Alabama as the congressional midterms — still nine months away — begin in earnest.
- Fairshake and its affiliate political action committees say they've got $193 million to spend, so far, which dwarfs most industry PACs and even some of the largest funds directly serving the political parties.
- Alabama congressman Barry Moore will receive supportive advertising with this money, and a Fairshake representative said the group has also dedicated funds to back Representative French Hill, the chairman of the House Financial Services Committee.
Top Stories
