Bahrain’s very own cryptocurrency platform, Rain, has successfully raised $6 million in a Series A funding round that’s led by Middle East Venture Partners (MEVP), with participation from Coinbase, Vision Ventures, CMT Digital Ventures, KSA’s Abdul Latif Jameel FinTech Ventures, and DIFC’s Fintech Fund.
The startup was Co-Founded back in 2017 by Abdullah Almoaiqel, AJ Nelson, Joseph Dallago, and Yehia Badawy to give customers the ability to buy, sell, and store crypto-assets including Bitcoin in a regulated, safe, and compliant manner.
In 2019, Rain received a Category 3 Crypto-Asset Service Provider license from the Central Bank of Bahrain, making it the Middle East’s 1st licensed crypto-asset platform.
The team of Co-Founders shared in a joint statement: “We are confident that our investors, who are regional and international leaders, will support us as we continue to drive towards our vision of reaching mass adoption of crypto-assets.”
MEVP’s Managing Director, Riyad Abou Jaoudeh, commented, “As crypto-assets continue to grow and transform into a recognized asset class, regional retail and institutional investors alike need a localized, safe, and regulated fiat-to-crypto rails. We are excited to back Rain, MENA’s first regulated crypto-asset company. This marks our first investment in Bahrain, a progressively regulated launchpad for GCC FinTechs.”
While Vision Ventures added, “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.”
The team at Rain plans to use its fund to expand its engineering team, as well as dedicate itself to focus on geographic expansion in the Middle East, in addition to working with the region’s different regulators to achieve its mission.