PlayIconNav
BTC
$68,119.28+1.25%
ETH
$3,272.90+0.92%
BNB
$588.00+2.02%
SOL
$185.35+3.74%
XRP
$0.59974086-0.03%
DOGE
$0.13542697+4.86%
CD20
$2,307.58+1.68%
TON
$6.73+0.08%
ADA
$0.41692082+1.22%
TRX
$0.13739206+0.32%
AVAX
$28.63+2.59%
WBTC
$68,189.15+1.33%
Ad
Finance

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.

By Tanzeel Akhtar
AccessTimeIconJan 18, 2021 at 10:00 a.m. UTC
Updated May 9, 2023 at 3:15 a.m. UTC
Bahrain
Bahrain

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.
VolumeMuteUnmute

RFK Jr. Says He's 'Fully Committed' to Bitcoin; Jersey City to Invest in Bitcoin ETFs

  • What Do EigenLayer's Outflows of $2.3B Signal?
    00:57
    What Do EigenLayer's Outflows of $2.3B Signal?
  • What Do TradFi Crypto Moves Mean for Decentralization?
    04:20
    What Do TradFi Crypto Moves Mean for Decentralization?
  • Marathon Digital Buys $100M BTC; India's Special Task Force for Crypto-Related Drug Trafficking
    02:02
    Marathon Digital Buys $100M BTC; India's Special Task Force for Crypto-Related Drug Trafficking
  • Ether Slides as Grayscale's ETHE Outflows Ramp Up
    00:53
    Ether Slides as Grayscale's ETHE Outflows Ramp Up

    • Read more: Bitcoin in Emerging Markets: The Middle East

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.