Digital exchange Rain today became one of the most valuable crypto startups in the Middle East region after the company raised $110 million in its Series B funding round. The company’s Bahraini entity, Rain Management, is a licensed crypto service provider in the Middle East.
Founded in 2017, Rain received a license from the Central Bank of Bahrain in 2019 to operate as a digital asset service provider. With the growing adoption of crypto assets in the region, Rain witnessed a sharp surge in the number of clients during the past few months.
Investment firms Paradigm and Kleiner Perkins co-led the $110 million Series B investment round. Additionally, some of the world’s leading investors including Coinbase Ventures, Global Founders Capital, MEVP, Cadenza Ventures, and CMT Digital also participated in the round.
Rain was founded by Abdullah Almoaiqel, AJ Nelson, Joseph Dallago, and Yehia Badawy. In January 2021, the crypto exchange raised $6 million in the Series A funding round to expand its operations.
In a joint statement, the co-founding team said: “We are very excited about this funding opportunity as it allows us to continue conversations with regulators across the MENA region, Turkey, and Pakistan about the benefits and potential of cryptocurrency. It will also support our overarching mission of providing education and access to cryptocurrency to all of our supported markets. At Rain, we strongly believe in the long-term value of cryptocurrency and its Blockchain technology foundation to change finance globally.”
Extindere regională
Prin finanțarea din seria B, Rain intenționează să-și extindă prezența în diferite regiuni, în special în economiile emergente. Cu peste 185,000 de utilizatori activi, schimbul cripto își propune să devină una dintre cele mai importante firme de active digitale din regiunea MENA.
“We’re excited to partner with Rain as they grow and expand to serve people in more locations around the world, including Pakistan,” Mamoon Hamid, a partner at Kleiner Perkins, said.
Digital exchange Rain today became one of the most valuable crypto startups in the Middle East region after the company raised $110 million in its Series B funding round. The company’s Bahraini entity, Rain Management, is a licensed crypto service provider in the Middle East.
Founded in 2017, Rain received a license from the Central Bank of Bahrain in 2019 to operate as a digital asset service provider. With the growing adoption of crypto assets in the region, Rain witnessed a sharp surge in the number of clients during the past few months.
Investment firms Paradigm and Kleiner Perkins co-led the $110 million Series B investment round. Additionally, some of the world’s leading investors including Coinbase Ventures, Global Founders Capital, MEVP, Cadenza Ventures, and CMT Digital also participated in the round.
Rain was founded by Abdullah Almoaiqel, AJ Nelson, Joseph Dallago, and Yehia Badawy. In January 2021, the crypto exchange raised $6 million in the Series A funding round to expand its operations.
In a joint statement, the co-founding team said: “We are very excited about this funding opportunity as it allows us to continue conversations with regulators across the MENA region, Turkey, and Pakistan about the benefits and potential of cryptocurrency. It will also support our overarching mission of providing education and access to cryptocurrency to all of our supported markets. At Rain, we strongly believe in the long-term value of cryptocurrency and its Blockchain technology foundation to change finance globally.”
Extindere regională
Prin finanțarea din seria B, Rain intenționează să-și extindă prezența în diferite regiuni, în special în economiile emergente. Cu peste 185,000 de utilizatori activi, schimbul cripto își propune să devină una dintre cele mai importante firme de active digitale din regiunea MENA.
“We’re excited to partner with Rain as they grow and expand to serve people in more locations around the world, including Pakistan,” Mamoon Hamid, a partner at Kleiner Perkins, said.
Sursa: https://www.financemagnates.com/cryptocurrency/news/bahrain-based-crypto-firm-rain-raises-110-million-in-series-b-funding/