Rain becomes first cryptocurrency exchange to get license in Middle East

RainBahrain-based Rain has received a regulatory license from the Central Bank of Bahrain to operate a cryptocurrency exchange in the Middle East.

It has become the first cryptocurrency exchange to get a regulatory license in the Middle East. Rain received the Crypto-Asset Module license after a two-year regulatory sandbox process under Central Bank of Bahrain.

“We recognized that the cryptocurrency space needed regulation to reach mass adoption and most importantly, keep customers safe. We further recognized that becoming a licensed financial institution was the only way to create a company that would last decades,” the company said in a statement.

Rain, founded in 2016, allows customers to buy and sell several fiat currencies and cryptocurrencies across Middle East.

The company said by becoming a licensed exchange has led to more stable banking relationships, better pricing, lower fees, and more reliable deposit and withdrawal processes for its customers.

Additionally, the cryptocurrency exchange has closed a seed round to raise $2.5 million.

“With a license secured and our initial seed capital raised, we believe that this is the foundation of a company that will last for decades,” Rain said.

Rain is backed by futures cryptocurrency exchange BitMEX, Kuwait-based cryptocurrency fund Blockwater, venture capital fund Vision Ventures, 500 Startups MENA, among others.

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