Rain Financial, the Bahrain-based crypto assets trading service, has completed a US$6 million fundraising round.
The financing was led by Middle East Venture Partners, one of the region’s largest venture capital firms, and included US crypto platform Coinbase and a fintech fund run by the Dubai International Financial Centre.
Rain plans to use the funding to expand both its engineering team and its presence in the Mena market.
The co-founding team issued a joint statement to say they were confident the investors would back its ambition of “reaching mass adoption of crypto-assets”.
Launched in 2017, Rain was one of the first regulated Mena-based ventures when it was awarded a license in 2019 by the Central Bank of Bahrain to provide cypto asset trading and custody services.
Its regulated status was a key factor in its fundraising efforts and is also seen as critical to attracting more adoption of digital assets services among institutional investors.
“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,” said Riyad Abou Jaoudeh, a junior partner at MEVP.
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