Coinbase Joins $6M Funding Round for Licensed Middle-East Exchange Rain Financial

The $6 million Series A round was led by Middle-Eastern VC firm MEVP Capital.

Jan 18, 2021 at 10:00 a.m. UTC
Updated Sep 14, 2021 at 10:57 a.m. UTC

Bahrain-based cryptocurrency exchange Rain Financial has raised $6 million in Series A funding from Coinbase and other investors.

  • Rain Financial, the first cryptocurrency exchange with a crypto-asset service provider license from the Central Bank of Bahrain, announced the funding news via Twitter on Sunday.
  • The $6 million funding round was led by Middle-Eastern VC firm MEVP Capital, with Coinbase, Vision Ventures, CMT Digital, Abdul Latif Jameel Fintech Ventures and DIFC also participating.
  • “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,” the team said in a joint statement via Twitter.
  • Rain received its Bahrain license in 2019 following a two-year regulatory sandbox process.
  • In 2019, the exchange closed a $2.5 million funding round co-led by BitMEX Ventures and Kuwait-based cryptocurrency fund Blockwater.
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