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Bahrain-Based Crypto Exchange Rain Secures $6 Million Through Series A Investment Round Led By Middle East Venture Partners
Rain Financial, a Bahrain-based cryptocurrency exchange, announced one r the weekend it secured $6 million through its Series A funding round, which was led by Middle East Venture Partners (MEVP) with participation from Coinbase, Vision Ventures, CMT Digital Ventures, Abdul Latin Jameel Fintech Ventures, and DIFC Fintech Fund.
Founded in 2017, Rain is licensed by the Central Bank of Bahrain (CBB) as a Crypto-Asset Brokerage.
“Our mission is to bring cryptocurrency to the Middle East. We have done this by becoming licensed by the Central Bank of Bahrain and building institutional-grade infrastructure to accept local currencies in Bahrain, Saudi Arabia, United Arab Emirates, Kuwait and Oman.”
Rain secures $6 million Series A
Image courtesy of Rain
Bahrain-based cryptocurrency exchange Rain has raised $6 million in its Series A round of funding. The round was led by Middle East Venture Partners (MEVP) with participation from existing and new investors including Coinbase, Vision Ventures, CMT Digital Ventures, JIMCO and the DIFC Fintech Fund.
Founded in 2017 by four entrepreneurs, Abdullah Almoaiqel, AJ Nelson, Joseph Dallago and Yehia Badawy, Rain offers buying, selling and custody services for cryptocurrencies. It was the first crypto-asset platform in the Middle East to receive a licence in 2019 in Bahrain. The startups plans to use the investment to grow its engineering team, expand its presence across the Middle East and work with different regulators in the region to achieve its mission.
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As we try our best to make sense of this tragedy, we shall endeavour to celebrate his life and make certain that his spirit always remain with us and part of us.”
Silicon Badia invested in some of the region s most prominent start-ups and Cubeisy was a board member of health tech company Vezeeta, as well as a board observer at Swvl, the ride sharing app based on bus hire. He was named as a Young Global Leader by the World Economic Forum in 2006 and became a fellow of the Aspen Institute in 2012.
“Losing him is no ordinary thing, not for his beautiful family, not for me and not for Jordan or the wider regional ecosystem. His loss is tantamount to the loss of a national treasure,” Fawaz Zu bi, Silicon Badia s co-founder, said.