Bahrain-based cryptocurrency exchange, Rain, has raised $6 million after securing backing from the biggest exchange in the US, Coinbase Incorporated.
Founded in 2016 by entrepreneurs Yehia Badawy, Abdullah Almoaiqel, AJ Nelson and Joseph Dallago, Rain became the first cryptocurrency exchange to earn a regulatory licence in the Middle East in 2019.
The Series A funding round was led by venture-capital firm Middle East Venture Partners, Rain Financial said in a statement. Rain Financial declined to disclose its valuation.
Other investors include:
- Saudi Arabian private-equity investor Vision Ventures
- Abdul Latif Jameel Fintech Ventures
- Chicago-based CMT Digital Venture LLC
- Dubai-based DIFC Fintech Fund
Crypto-platforms have been given a boost by a quadrupling in the price of Bitcoin, the largest cryptocurrency, in late 2020, which has been accompanied by roller-coaster volatility.
Last year saw “tremendous growth in the number of users and the transaction volume on Rain,” co-founder Yehia Badawy said in an interview. “We’ve seen increased adoption across the board from retail clients, high-net-worth individuals, and institutional clients.”
Rain Financial plans to use the funds for a regional expansion and to grow its engineering team, Badawy said. It’s also in talks with regulators in the Middle East to widen its reach, he said.
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