Bahrain-based Rain is set to become the first licensed cryptocurrency exchange in the Middle East following the close of its seed funding round led by BitMEX Ventures.
The news was shared with Coin Rivet in a press release which states the upcoming crypto exchange has just received a Crypto-Asset Module (CRA) license from the central bank of Bahrain – making it the first licensed crypto exchange in the Middle East.
The company has also announced the close of its seed funding round, which raised $2.5 million led by BitMEX Ventures and Kuwaiti crypto fund Blockwater alongside other industry heavyweights such as Jimmy Song, Mike Komarnsky, Aaron Lasher, and Aaron Voisine.
Rain was founded in 2016 by Yehia Badawy, Abdullah Almoaiqel, AJ Nelson, and Joseph Dallago.
It first established contact with the central bank of Bahrain back in February 2017, when the team met with some of the regulator’s senior members in an information session on cryptocurrency.
Shortly after, Rain became the first exchange to enter the central bank of Bahrain’s regulatory sandbox program. It has worked closely with the regulators across the last two years to provide recommendations from the industry’s perspective.
BitMEX co-founder and CEO Arthur Hayes has said: “BitMEX Ventures is devoted to encouraging greater global access to cryptocurrency trading as we star to the maturation of cryptocurrencies as a legitimate asset class.
“As the first licensed cryptocurrency exchange in the Middle East, Rain has an unprecedented opportunity to tap into the incredible potential that cryptocurrency trading will bring to the region. We believe that Rain will bring greater diversification to Middle-Eastern traders with its exchange offering and experienced team.”
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