Rain has raised $ 6 million in Series A from COINBASE and other investors to develop its cryptocurrency exchange in the Middle East.
After helping fund a startup specializing in cryptocurrency taxation in early January, Coinbase is now involved in the Middle East. Indeed, Coinbase Ventures has just participated in the financing of the Rain exchange established in Bahrain.
The $ 6 million round of funding also saw the participation of various investors including Middle East Venture Partners (MEVP), Vision Ventures from Saudi Arabia and the US fund CMT Digital Ventures. Rain had already raised $ 2.5 million in its first funding in July 2019.
Founded in 2017 by Abdullah Almoaiqel, Joseph Dallago and Yehia Badawy, Rain is the first exchange to be licensed in the Middle East.
Yehia Badawy, Rain co-founder said :
We’ve seen increased adoption across the board from retail clients, high-net-worth individuals, and institutional clients.
Rain plans to use the $ 6 million to strengthen its engineering team, expand its presence in the Middle East and work with various regulators in the region.
