Bahrain-headquartered cryptocurrency alternate Rain has raised $6 million in a Sequence A spherical led by Center East Enterprise Companions (MEVP), it introduced in a press release to MENAbytes in the present day. The spherical additionally noticed participation of various new and present buyers together with Coinbase which is the most important cryptocurrency platform in the USA (and filed final month to go public), Saudi-based Imaginative and prescient Ventures, US-based crypto-focused fund CMT Digital Ventures, Saudi’s JIMCO, and Dubai Worldwide Fintech Centre’s Fintech Fund. Rain had raised $2.5 million in a seed spherical in July 2019.
Based in 2017 by Abdullah Almoaiqel, AJ Nelson, Joseph Dallago, and Yehia Badawy, Rain allows customers within the Center East (and past) to purchase, promote, and retailer Bitocoin and different cryptocurrencies by means of its net and mobile-based platform. Having acquired its license from the Central Financial institution of Bahrain in 2019, it’s the first licensed cryptocurrency asset platform of the Center East.
In line with its web site, Rain at the moment works for customers in Bahrain, Saudi Arabia, United Arab Emirates, Kuwait, and Oman, who can purchase the crypto-assets by transferring the cash to Rain Bahrain’s checking account (the cash reveals up of their Rain pockets in a day or two) or immediately through the use of their debit/bank cards. The customers in these nations also can withdraw the cash from Rain to an area checking account.
Along with Bitcoin, Rain additionally helps the shopping for, promoting, and storage of Litecoin, Ethereum, and Ripple. The fiat currencies it helps for deposits, withdrawals, and buying and selling embrace Bahraini Dinar, Saudi Riyal, Emirati Dirham, Kuwaiti Dinar, Omani Riyal, US Greenback, and Euro.
The startup didn’t share any particulars round its numbers however its co-founder Yehia Badawy has informed MENAbytes that Covid-19 accelerated their progress with the variety of signups and buying and selling volumes on the platform seeing a big enhance.
Bitcoin has grown virtually four-fold in a bit over three months, crossing the $40,000 mark for the primary time, earlier this month. It’s at the moment buying and selling at $36,200. With this surge, there was a renewed curiosity in cryptocurrencies from completely different segments all world wide. Rain didn’t share any particular particulars about the way it has fared throughout this ongoing surge however based on publicly obtainable information, the visits to its web site grew by virtually 50 % month-over-month in December.
Commenting on the most recent funding, Rain’s co-founders, mentioned, “We’re assured that our buyers, who’re regional and worldwide leaders, will help us as we proceed to drive in the direction of our imaginative and prescient of reaching mass adoption of crypto-assets.”
Riyad Abou Jaoudeh, a Junior Companion at MEVP, mentioned, “As crypto-assets proceed to develop and remodel right into a acknowledged asset class, regional retail and institutional buyers alike want a localized, secure, and controlled fiat-to-crypto rails. We’re excited to again Rain, MENA’s first regulated crypto-asset firm. This marks our first funding in Bahrain, a progressively regulated launchpad for GCC Fintechs.”
A consultant of Imaginative and prescient Ventures mentioned, “We’re glad to put money into Rain as soon as once more, which continues to guide within the sector by enabling everybody from the area to put money into crypto-assets seamlessly. Rain administration’s group has been phenomenal as they grew [the platform] a lot in such a short while.”
Rain plans to make use of the funding to develop its engineering group and broaden to different Center Jap geographies by buying native licenses.
Correction: JIMCO was beforehand incorrectly listed within the article as Abdul Latif Jamil Fintech Ventures.
Founder at MENAbytes
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