Following regulatory approval by Bahrain’s central bank, cryptocurrency exchange, Rain, has opened its doors for business. A $2.5 million funding round co-led by BitMEX Ventures, was also closed by the exchange. Bahrain central bank grants license to Crypto-Exchange Rain.
As per a statement from the exchange, Rain received a Crypto-Asset Module (CRA) license following. Rain is looking to fill a gap in the Middle East’s digital asset market. It was both the first project, and graduate under the Central Bank of Bahrain’s (CBB) sandbox program.
The funding round was co-led by Kuwaiti cryptocurrency fund Blockwater, along with BitMEX Ventures. The following bitcoin enthusiasts also participated:
- Jimmy Song
- Cumberland Minings’ Mike Komarnsky,
- Aaron Lasher and Aaron Voisine, co-founders of Breadwallet now BRD
Speaking on the need for crypto on-ramps, particularly in the developing world, CEO and co-founder Arthur Hayes said during his comments on BitMEX Ventures’ investment:
“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.”
Bahrain central bank grants license to Crypto-Exchange Rain. The exchange was founded in 2018 and plans on using the funds for continued infrastructure development and team additions.
With Iran recently looking to green-light crypto mining, it is evident that central banks continue to set the pace for fintech development in the Middle East. The National Bank of Kuwait partnered with Ripple for a remittance service. It is NBK Direct Remit, as a pilot program between Kuwait and Jordan.