Rain Management, the first crypto-asset service provider licensed by the Central Bank of Bahrain, has announced more than $1 billion in trading volume during the first half of 2021.
The platform’s trading volume witnessed 20 times growth in the first six months of 2021 compared to the same period last year.
It said the growth was driven by the increased awareness of the cryptocurrency industry and the shift in mindset among investors.
Despite the onset of Covid-19, the platform grew its userbase by nine times in the first half of 2020 compared to the same period of 2019, with over 100,000 active users today.
To meet the current demand, Rain Management said it has grown its team to 105 employees focusing on customer service, operations and technology.
Rain’s director, Joseph Dallago, said: “We’ve always recognised the unique position of the Middle East and its untapped market. 2020 expedited digital adoption in the region that surely had a positive effect on our growth. We are excited to see the mass adoption of cryptocurrencies by governments and consumers.”
He added: “Crossing $1 billion in trading volume is indeed a key moment for us. It reflects the incredibly positive reception our platform has had in the region, being embraced by consumers and becoming the favorable choice they have been waiting for. This is just the beginning of our journey.”
In January, Rain 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 Dallago, Rain became the first cryptocurrency exchange to earn a regulatory licence in the Middle East in 2019.
Follow us on
