Cryptocurrency exchange Rain has opened its doors for business following regulatory approval by Bahrain’s central bank. The exchange also closed a $2.5 million funding round co-led by BitMEX Ventures.
Rain received a Crypto-Asset Module (CRA) license following a two-year regulatory sandbox process per a statement from the exchange. Both the first project and graduate under the Central Bank of Bahrain’s (CBB) sandbox program, Rain is looking to fill a gap in the Middle East’s digital asset market.
Along with BitMEX Ventures, the funding round was co-led by Kuwaiti cryptocurrency fund Blockwater. Bitcoin enthusiast Jimmy Song, Cumberland Minings’ Mike Komarnsky, and Aaron Lasher and Aaron Voisine, co-founders of Breadwallet now BRD, also participated.
Commenting on BitMEX Ventures' investment, CEO and co-founder Arthur Hayes spoke on the need for crypto on-ramps, particularly in the developing world:
Founded in 2018, the exchange plans on using the funds for continued infrastructure development and team additions.
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Central banks continue to set the pace for fintech development in the Middle East with Iran recently looking to green-light crypto mining. In December, the National Bank of Kuwait partnered with Ripple for a remittance service, NBK Direct Remit, as a pilot program between Kuwait and Jordan.
Bahrain banknotes via Shutterstock