Rain Financial, a Bahrain-based cryptocurrency exchange, announced one r the weekend it secured $6 million through its Series A funding round, which was led by Middle East Venture Partners (MEVP) with participation from Coinbase, Vision Ventures, CMT Digital Ventures, Abdul Latin Jameel Fintech Ventures, and DIFC Fintech Fund.
Founded in 2017, Rain is licensed by the Central Bank of Bahrain (CBB) as a Crypto-Asset Brokerage.
“Our mission is to bring cryptocurrency to the Middle East. We have done this by becoming licensed by the Central Bank of Bahrain and building institutional-grade infrastructure to accept local currencies in Bahrain, Saudi Arabia, United Arab Emirates, Kuwait and Oman.”
The company revealed that the majority of its cryptocurrency funds are stored offline in its proprietary Cold Storage system.
Rain also stated that its Bahraini subsidiary, Rain Management W.L.L, became the first licensed crypto-asset platform in the Middle East in 2019, upon receiving a Category 3 Crypto-Asset Service Provider license from the Central Bank of Bahrain. In a joint statement, the co-founding team shared:
“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.”
Riyad Abou Jaoudeh MEVP’s Junior Partner commented on the round by adding:
“As crypto-assets continue to grow and transform into a recognized asset class, regional retail and institutional investors alike need a localized, safe, and regulated fiat-to-crypto rails.”