RAIN Bahrain-based cryptocurrency exchange, on Sunday, announced that the company has raised $6 million in its Series A round. The round was led by Middle East Venture Partners (MEVP), with participation from Coinba.se, Vision Ventures, CMT Digital Ventures, JIMCO, and the DIFC Fintech Fund.
According to statements from company, the fresh capital will be deployed towards growing its engineering team, expanding its presence across the Middle East, and work with different regulators in the region to achieve its mission.
Commenting on the development for RAIN, Riyad Abou Jaoudeh, Junior Partner at MEVP, in a statement said,
“As crypto assets continue to grow and transform into a recognised asset class, regional retail and institutional investors alike need a localised, safe, and regulated fiat-to-crypto rails. We are excited to back Rain Management, Mena’s first regulated crypto-asset company. This marks our first investment in Bahrain, a progressively regulated launchpad for GCC fintechs.”
RAIN was founded in 2017 by Abdullah Almoaiqel, AJ Nelson, Joseph Dallago, and Yehia Badawy. The company is headquartered in Manama, Kingdom of Bahrain. RAIN offers buying, selling, and custody services for cryptocurrencies. It was the first crypto-asset platform in the Middle East to receive a license in 2019 in Bahrain.
Vision Ventures, an existing investor of company, said,
“We are glad to continue to invest in Rain, which continues to lead in the sector by enabling everyone from the region to invest in crypto-assets seamlessly. Rain Management’s team has been phenomenal as they grew so much in such a relatively short period of time.”