BitMEX Ventures Invest in Bahrain, Central Bank-Licensed Crypto Exchange, Rain
BitMEX Ventures, the investment company associated with the crypto trading platform, BitMEX has supposedly invested in a Bahrain crypto exchange called Rain reports The Block.
As per their reporting, Rain raised $2.5 million in funds, which was led by both BitMEX Ventures and Blockwater, a digital assets fund. Other players who have participated in the fundraising round include Bitcoin Developer and Cumberland Mining Founder, Jimmy Song and Mike Komarnsky respectively.
Rain Gets Licensed by its Central Bank of Bahrain
On Tuesday, July 30, 2019, Rain also took to its blog in expressing to followers that it is officially the first-ever Middle Eastern crypto exchange to have been licensed by the central bank. In particular, the closest translation said:
“We are pleased to announce that the [Rain] platform has been licensed by the Central Bank of Bahrain. With this license, [Rain] has become the first crypted currency trading platform in the Middle East to be fully licensed by a regulatory entity and join a limited range of the world’s best encrypted currency platforms.”
This license means well for Rain, as it will allow the team to establish relationships with banks, and payments sector to ensure that consumers are offered better pricing and lowered fees for transaction purposes.
Moreover, it was shared that this milestone implies that the team has
“laid the foundation stone for a sustainable company that will last for decades.”
The team has also expressed immense gratitude to those who supported the crypto exchange from the get-go, including the likes of the Bahrain Bay of Financial Technology, the Bahrain Development Bank, the Economic Development Board, the BitMEX platform, Blockwater, Vision Ventures, the 500Startups MENA and the Taiba Valley.
The news outlet, Coin Desk reported on this matter, in which the CEO of BitMEX Ventures, Arthur Hayes was quoted sharing his sentiments. Hayes stressed that Rain has a competitive advantage in the Middle East given the current license granted, which will allow the crypto exchange to
“tap into the incredible potential that cryptocurrency trading will bring to the region.”
He also said:
“We believe that Rain will bring greater diversification to Middle-Eastern traders with its exchange offering and experienced team, and we are thrilled to contribute to this defining moment.”