With crypto-asset adoption increasing in the last year, the company intends to use its investment to expand its presence and operations across the Middle East.
Bahrain-based crypto-asset platform, Rain, has announced that it has raised a Series-A funding round of $6 million led my MENA's largest venture capital firm, Middle East Venture Partners, and with participation from the largest cryptocurrency platform in the US, Coinbase, as well as Vision Ventures, CMT Digital Ventures, Abdul Latif Jameel Fintech Ventures, and DIFC Fintech Fund.
Standing as the first licensed cryptocurrency platform in MENA, Rain is a web and mobile platform that allows users in the region and beyond to buy, sell and store Bitcoin and other cryptocurrencies. Launched in 2017 by Abdullah Al Moaiqel, AJ Nelson, Joseph Dallago and Yehia Badawy, the company is registered with the US Securities and Exchange Commission and incorporated in the state of Delaware, and claims to work with users in Bahrain, Saudi Arabia, United Arab Emirates, Kuwait, and Oman.
Working off an e-wallet that can transfer money to a local account, the platform also deals in Litecoin, Ethereum and Ripple cryptocurrencies, while supporting trade, deposits and withdrawals in Bahraini Dinar, Saudi Riyals, Emirati Dirhams, Kuwaiti Dinars, Omani Riyals, US Dollars and Euros.
With crypto-asset adoption soaring worldwide over the last 12 months, the founding team intends to use the investment to expand its engineering team while expanding its operations across the MENA region.
Learn more about Rain here.
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