In a series A funding round led by VC firm Middle East Venture Partners, Rain Financial Inc. (which owns www.rain.bh) has secured $6 million from Coinbase Inc and a group of Middle Eastern-based venture capital funds.
Rain obtained a full regulatory license from the Central Bank of Bahrain in mid 2019. It claims to be the first digital asset exchange to obtain a full-fledged license in the Middle East.
Rain is backed by bitcoin developer Jimmy Song and started in the year 2017 under the Bahrain’s Central Bank financial sandbox regime. With this latest funding round, Rain plans to expand in the region and grow its technical team.
In a saturated and competitive landscape of digital asset exchanges, achieving scale fast enough is important for growth and survivability. Rain seems to have achieved that in the Gulf Cooperation Council.