Following the regulatory approval by Bahrain’s central bank, Cryptocurrency exchange Rain has opened its way for business . The exchange also closed a $2.5 million funding round jointly by BitMEX Ventures.
A statement from the exchange stated that, “Rain received a Crypto-Asset Module (CRA) license following a two-year regulatory sandbox process”
Presently under the Central Bank of Bahrain’s (CBB) sandbox program, Rain aims to fill a gap in the Middle East’s digital asset market.
Kuwaiti cryptocurrency fund Blockwater with BitMEX Ventures co- led the funding round. The participants includes, Cumberland Minings’ Mike Komarnsky, Bitcoin enthusiast Jimmy Song, Aaron Lasher and Aaron Voisine, co-founders of Breadwallet now BRD took part in the funding.
According to BitMEX Ventures’ investment CEO and co-founder, Arthur Hayes who spoke on the need for crypto on-ramps, citing the developing world as a case study saying :
“Rain has an unprecedented opportunity to tap into the incredible potential which cryptocurrency trading will bring to the region being the first licensed cryptocurrency exchange in the Middle East. We also believe that Rain will bring greater and much better diversification to Middle-Eastern traders with its exchange offering and experienced team along with it. We have much interest in identifying with cryptocurrency.”
Fintech development in the Middle East has been the priority of CB (central banks) as the continue to set the pace for fintech dev. Now Iran recently looking to green-light crypto mining.
Secondly, the National Bank of Kuwait partnered with Ripple to undertake remittance service, NBK Direct Remit, as a pilot program between Kuwait and Jordan in the month of December.
Credit: William FoxleyJOIN OUR COMMUNITY