Crypto Exchange, Rain Financial, Secures Backing from Coinbase Following ‘Tremendous Growth’
Crypto-asset trading platform Rain Financial. Inc. has raised $6 million in the Series A funding round led by venture-capital firm Middle East Venture Partners.
Other investors in the four-year-old company that mainly serves users in the Middle East and North Africa include Coinbase, the biggest crypto exchange in the US, Saudi Arabian private-equity investor Vision Ventures, Jameel Investment Management Co., Chicago-based CMT Digital Venture LLC, and Dubai-based DIFC Fintech Fund.
The company's Rain Management business was the first licensed crypto-asset platform in the Middle East after securing the Central Bank of Bahrain's approval in 2019.
Rain saw “tremendous growth in the number of users and the transaction volume” last year, said co-founder Yehia Badawy in an interview. “We’ve seen increased adoption across the board from retail clients, high-net-worth individuals, and institutional clients.”
The funds raised will be used for regional expansion and to grow the engineering team, Badawy said. To widen its reach, the company is also in talks with regulators in the Middle East, he added.
The crazy bull run has the volume on crypto exchanges growing immensely as well, growing to record levels.