TL;DR Breakdown:
- Rain Financial is now a Coinbase-backed crypto exchange.
- The exchange raised $6 million in a new funding round that included the US exchange and MEVP.
The leading United States cryptocurrency exchange, Coinbase, is now backing one of the leading cryptocurrency startups in Bahrain, Rain Financial, following the company’s Series A funding round. Rain Financial is a cryptocurrency exchange with a major focus on crypto users in the Middle East and North Africa. The fresh capital will be used to expand the exchange’s regional operation, according to the report by Bloomberg on Sunday.
Rain Financial raises $6 million from Coinbase, others
The Bahrain-based exchange bagged about $6 million in the just-concluded funding round. As reported, the financing round was led by MEVP and other prominent institutions that include the leading US exchange, Coinbase, CMT Digital Venture LLC, Jameel Investment Management Co., Dubai-based DIFC Fintech Fund, and so on. According to the co-founder of Rain Financial, Yehia Badawy, the capital will be used to increase the engineering team.
The cofounder also revealed they are in talks with the Middle East authorities to expand its crypto services. Rain Financial was launched in 2016. However, it was only approved in 2019 by the Central bank of Bahrain, making it the first-ever cryptocurrency exchange to be regulated in the whole of the Middle East. The transaction volume and users on the platform have increased since the past year, as per Badawy.
“We’ve seen increased adoption across the board from retail clients, high-net-worth individuals, and institutional clients,” said.
Coinbase plans for IPO
The US-based exchange is preparing to go public. Cryptopolitan recently reported that the exchange filed a draft for an Initial Public Offering (IPO) with the Securities and Exchange Commission (SEC). The SEC’s approval for the IPO would be a milestone for the cryptocurrency industry and will prompt other prominent players in the market to follow suit.
