Paradigm Leads A $110 million Investment in Bahrain’s First Licensed Cryptocurrency Broker.

Rain Financial, a Bahrain-based cryptocurrency exchange, has secured $110 million in a Series B fundraising round headed by Paradigm and Kleiner Perkins.

The funds will be used to pursue license in more countries, improve the company’s technological platform, and grow the staff.

Paradigm investment partner Casey Caruso believes that Rain is an important piece of the puzzle for integrating the Middle East into the emerging crypto economy. Their focus on assisting and teaching individuals new to cryptocurrency, along with excellent banking and regulatory links, has helped the platform establish a service that people rely on. 

Coinbase Ventures, Global Founders Capital, MEVP, Cadenza Ventures, JIMCO, and CMT Digital were among the other investors in the round.

Rain earned $6 million in a Series A fundraising round headed by MEVP with participation from Coinbase Ventures a year ago.

Rain was founded in 2017 and became the Middle East’s first licensed crypto-asset service provider two years later. Bahrain, Turkey, and the United Arab Emirates now have subsidiaries.

Rain claims to have hosted over $1.9 billion in transactions and 185,000 active users since its inception.

Kleiner Perkins Partner Mamoon Hamid said in the press release:

“Rain provides fundamental access and an on-ramp to a new paradigm of the Internet. We’re excited to partner with Rain as they grow and expand to serve people in more locations around the world, including Pakistan,”

Over the last year, Bahrain has pushed to build its crypto sector. The country’s central bank approved the establishment of the crypto exchange CoinMENA in January 2021, which adheres with Islamic law, or shariah.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Patrick

Coincu News