Rain Financial is the company behind the Rain cryptocurrency exchange. It is which the Central Bank of Bahrain regulates, that has acquired $110 million in series B fundraising. It happens as cryptocurrencies gather momentum among conventional investors around the world.
Leading the round was Paradigm. It is a cryptocurrency-focused investment firm headquartered in San Francisco. Kleiner Perkins also leads. It is a Silicon Valley startup capital firm.
The company made an announcement last Tuesday. Rain Financial was also backed by Coinbase Ventures, Global Founders Capital, Middle East Venture Partners, Cadenza Ventures, Jimco, and CMT Digital.
This investment possibility excites us. Because it lets us pursue discussions with policymakers in the Mena region, Turkey, and Pakistan on the perks and possibilities of cryptocurrency. The developers added that this would help them achieve their broader goal. They aim to deliver virtual currency awareness and accessibility to each of their targeted markets.
At Rain, we are confident in the long-term potential of virtual currency. We also believe in the blockchain technology that underpins it to transform global banking.
Over the last two years, cryptocurrency has grown in popularity, owing in part to increasing digital uptake during the epidemic. Disgruntled investors fueled it with additional time on their hands due to travel limitations and spare funds to invest following a succession of government stimulus initiatives.
The creators founded Rain Financial in 2017 and had a grant of a virtual currency broker license by Bahrain’s central bank in 2019. Investors can purchase and exchange cryptocurrencies through the organization and use custodian programs to keep their assets safe.
RAIN Series of Donations
BitMex Ventures and Bahrain cryptocurrency fund Blockwater invested $2.5 million in the venture in 2019.
The investment also included Bitcoin devotee and programmer Jimmy Song, Cumberland Mining inventor Mike Komarnsky, Aaron Lasher, and Aaron Voisine, developers of virtual currency BRD.
In January 2021, FinTech secured $6 million in a Series A phase of funding headed by MEVP and Coinbase Ventures.
According to Casey Caruso, an investing associate at Paradigm, Rain is a critical puzzle piece for integrating the Middle East further into the emerging crypto economy.
Their focus is on assisting and educating newcomers to crypto. As well as solid banking and regulatory links have enabled them to establish a business that consumers trust.
So far, the venture has processed over $1.9 billion in transactions and has over 185,000 active users. Rain will keep expanding its staff across the region. Its goal is to double its size this year, according to the firm.
Rain aims to deliver a trustworthy and secure location to purchase, sell, and hold virtual currencies, as well as periodic instructional events for people looking to understand more about digital currencies while continuing to concentrate on regional growth.
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