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Bahraini Exchange Rain Raises $6M From Coinbase, MEVP

Bahrain’s Exchange Rain Raises $6M From Coinbase, MEVP
  • Bahraini Crypto Exchange raised a stunning $6 million in funds.
  • Middle East Venture Partners and Coinbase are among its biggest investors.
  • The Rain crypto exchange allows users to hold and trade with many cryptocurrencies including BTC, ETH, XRP, and LTC.

Bahrain’s Crypto Exchange, Rain, raised $6 million in funds. This Series A round of investments saw support from notable brands such as Coinbase and MEVP.

Middle East Venture Partners (MEVP) led this venture. Along with MEVP, Coinbase was a big investor. Many other investments came in as well.

To name a few, DIFC’s Fintech Fund, Saudi’s Vision Ventures, Saudi’s Abdul Latif Jameel Fintech Ventures, and CMT Digital Ventures.

Furthermore, Rain’s co-founders shared their confidence in their investors. They said they have faith in these global and regional leaders and hope to receive support on their road to reach mass adoption of crypto assets.

Yehia Badawy, Joseph Dallago, AJ Nelson, and Abdullah Almoaiqel founded  Rain in 2017. The exchange acted as a gateway platform for crypto holders and traders in the Middle East.

Rain makes it possible for users to store, buy, and sell Bitcoins via its mobile and web-based portal. It also supports trade in other digital assets like ETH, XRP, and LTC.

The exchange was licensed in 2019, making it the first licensed crypto token exchange from the region. Earlier in July 2019, Rain ran a similar seed round for funds. Back then they raised a total of $2.5 million.

The website mostly caters to users residing in the UAE, Bahrain, Saudi Arabia, Oman, and Kuwait. Users can buy crypto assets by moving funds onto the Rain bank wallet. They also have the option to buy directly with a debit or credit card.

As for the fiat money, Rain accepts Emirati Dirham, Bahraini Dinar, Saudi Riyal, Omani Riyal, Kuwaiti Dinar, US Dollar, and European Euro.

Co-founder, Yehia Badawy said that new users on the platform went up by a lot possibly due to Covid-19. Additionally, he said that their trading volumes too increased considerably.

Read Also: Coinbase Wallet Now Allows Users to Purchase Crypto In-App

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