Rain is the first cryptocurrency that comes from the Middle East
Rain is a top-rated cryptocurrency exchange platform which is located in Bahrain. As of the
31st of July, Rain did announce that it finally acquired the Crypto-Asset Module license from
Bahrain’s Central Bank. On top of that, Rain did manage to see almost $2.5MM.
Moreover, Rain is the Middle Eastern region's first-ever cryptocurrency that did earn a
remarkable regulatory license. On the other hand, Rain has got its license from the Middle
East's financial institutions. It is a great development for Rain as the cryptocurrency exchange
platform as the cryptocurrency exchange firm joins the elite group of cryptocurrency
exchanges.
The collaboration between Rain and CBB
Back in February 2017, Rain did establish contact with Bahrain's Central Bank. According to
sources, the team back in the time met with a few senior members of the regulator. During
that time, Rain did provide an information session to enlighten Bahrain's Central Bank.
Additionally, the meeting session of Rain and CBB brought the region's first cryptocurrency
exchange.
One of the best things that Rain did back in the day was that the exchange platform became a
part of the Sandbox Regulatory Program of CBB. The sources also said that Rain is in
collaboration with the regulator, Central Bank for the last couple of years. During the
cooperation, Rain was providing the perspective of the industry to the central bank.
Rain played a very safe game
The cryptocurrency exchange legalizing and the license was the only reason which fueled the
institutional funding round. By the looks of it, Rain also aims at delivering more comfortable
as well as much more reliable access to the digital currency in the middle eastern region.
BitMEX Venture and Blockwater were the ones who co-lead the funding. Blockwater is a
cryptocurrency fund which is based in Kuwait.
During the crowdfunding, some of the local ventures also took an active part such as Taibah
Valley, Vision Ventures, and 500 Startups MENA. As far as BitMEX Ventures is concerned,
it is the most advanced investment arm for the cryptocurrency market in the entire world.
BitMEX deals with building, trading platform, and it also keeps tabs on a diverse range of
investment portfolio of top-notch fintech. It also deals with significant crypto companies.
BitMEX is aiding in Rain’s growth
BitMEX incorporates credible technology along with innovative and financial products which
are complementary to its core businesses. Through this investment, BitMEX intends to help
Rain and its goal of bringing a top-notch international firm for cryptocurrency exchange
across the Middle East.
The CEO and Co-Founder of BitMEX, Arthur Hayes, said that the firm encourages in
providing a distinctive frontier to cryptocurrency. According to BitMEX, the cryptocurrency
market is seeing a maturation alongside legalized asset class.
Rain, as a company has an opportunity to tap into an incredible potential which
cryptocurrency trading is going to bring. BitMEX has complete faith in Rain where it comes
to delivering a feeling of diversification to the traders of Middle-East. In addition to this,
Rain plans to expand its existing team to meet a more extensive and growing customer base.
The customers of Rain need expertise in support as well as engineering when it comes to
cryptocurrency.
