- Rain Financial, a Middle Eastern platform facilitating crypto exchange, has managed to raise $6 million with the support of Coinbase and other investors in a Series A funding round
- In 2019, the crypto-asset startup was provided with a licence to function in Bahrain
- The company is intending to become the primary digital currency exchange platform in the region
Coinbase, along with other investors, has funded crypto exchange startup Rain Financial in a Series A Round leading to an endowment of $6 million.
Big Boost For Rain Financial
Rain Financial is a premier cryptocurrency exchange startup based in Bahrain. The company has been licensed as a provider of crypto-asset services by the Central Bank of the country. Coinbase and other investors have recently invested in a Series A funding which has resulted in raising $6 million dollars for the Middle Eastern startup.
The announcement was made on Sunday through a tweet posted by Rain Financial’s account on the social media platform. The $6 million financing round was driven by Middle-Eastern VC firm MEVP Capital, along with Coinbase, CMT Digital, Vision Ventures, Abdul Latif Jameel Fintech Ventures and Dubai International Financial Centre (DIFC) likewise taking an interest in the same. The Rain Financial team also mentioned their confidence in the investors, stating that the support provided by them will help the company in achieving their goal of making crypto-assets accessible and accepted by individuals across the world. They also highlighted that the investors are regional as well as international leaders.
During an interview, Yehia Badaway, the co-founder of Rain, mentioned that the area was seeing massive growth in enlistments and exchange volumes of digital assets. These clients incorporate establishments, proficient investors, and retail customers. The platform operates in more than 50 nations, with North Africa being its next significant market after the Middle East.
Previously, The Exchange Raised $2.5 Million In Funds
After following a two-year mandatory regulation process involving sandbox security, Rain Financial was authorized its licence in 2019. In the same year, the exchange raised about $2.5 million through a funding round which was driven by Blockwater, a cryptocurrency fund based in Kuwait, as well as BitMEX Ventures, which is a digital-assets investment company.
The potential of Rain is not lost on Coinbase, which is expecting immense growth and profitability from the former. Even though the platform is utilized by Americans to a great extent, the trade has been zeroing in on its worldwide presence, slightly compromised by the semblance of other significant trades like Binance.
The trade’s speculation arm, Coinbase Ventures, has also put resources into a few outstanding organizations, including Dharma, Compound Labs, Dapper, Messari and Etherscan. As of late, it has also invested resources into a tax assessment and detailing instrument called TaxBit.
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