Rain will become the region's first regulated digital currency exchange
A Bahrain-based cryptocurrency exchange is set to expand in the GCC, aiming to secure a full operational licence across the region by 2019.
Rain, which is backed by bitcoin developer Jimmy Song, would then become the region’s first regulated digital currency exchange.
Investors in the GCC have traditionally been cautious of cryptocurrency trading due to the lack of regulations, security concerns and market volatility.
“The biggest issue in this industry is that of trust. We want our customers to feel safe when they are using our product and have taken measures to ensure this, including establishing two stable bank partnerships and incorporating banking grade security checks and verification into our product,” Rain said in a statement.
“We will provide the GCC with a digital currency exchange that meets the highest international standards in terms of pricing, product, security and regulation,” it added.
Rain, which allows users to buy, sell and store digital currency, launched limited operations in November 2017 as part of the Central Bank of Bahrain’s fintech sandbox trial.
The programme supports start-ups in the fintech sector, where investment increased to $8.2 billion in the third quarter of 2017 from $6.3bn in the same period in 2016, according to KPMG’s Pulse of Fintech report.
Rain was co-founded by Yehia Badawy, Abdullah Almoaiqel, AJ Nelson and Joseph Dallagois.
As for Rain’s investors, they include bitcoin developer Son, Breadwallet, Blockwater, JM Bullion and Capital Markets Trading (CMT).For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.