In line with changing consumer behaviour and increasing demand in the interest of crypto, Bahrain-based Rain launched one of the most competitive fee structures in the region by introducing 0 percent trading fees.
The cryptocurrency trading platform’s new fee structure enable users to see the price of the cryptocurrency they want to trade and know there are no further costs later on.
“We believe introducing 0 percent commission trading is the fastest way to on-board millions of new customers in the Middle East that are newly interested in the crypto industry. Rain as a leader wants to set the tone for the market”, said AJ Nelson, co-founder.
The simplified fee structure aims to bring a new generation of investors into the Middle East and customers can feel more at ease placing their first trade while they build their confidence in the crypto world.
Earlier this year, the group secured $110million Series B funding in a round that was co-led by Paradigm and Kleiner Perkins with participation from numerous parties including Coinbase Ventures, Global Founders Capital, MEVP, Cadenza Ventures, JIMCO, and CMT Digital.
Last month, Rain launched a new version of its platform and this latest update is part of its commitment to investing in building a trading experience that is easy to use.
Rain was founded in 2017 by Abdullah Almoaiqel, AJ Nelson, Joseph Dallago, and Yehia Badawy. Rain Financial Inc.’s subsidiary, Rain Management W.L.L, based in Bahrain, became the first licensed crypto-asset service provider in the Middle East in 2019 by the Central Bank of Bahrain.
Rain is not currently licensed by any financial services regulator in the UAE, although its ADGM entity is in receipt of an In-Principle Approval.
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