Rain raises $6 million Series A from MEVP & Coinbase to grow its Middle Eastern cryptocurrency exchange

Rain raises $6 million Series A from MEVP & Coinbase to grow its Middle Eastern cryptocurrency exchange

Bahrain-headquartered cryptocurrency exchange Rain has raised $6 million in a Series A round led by Middle East Venture Partners (MEVP), it announced in a statement to MENAbytes today. The round also saw participation of different new and existing investors including Coinbase which is the largest cryptocurrency platform in the United States (and filed last month to go public), Saudi-based Vision Ventures, US-based crypto-focused fund CMT Digital Ventures, Saudi's Abdul Latif Jameel Fintech Ventures, and Dubai International Fintech Centre's Fintech Fund. Rain had raised $2.5 million in a seed round in July 2019.

Founded in 2017 by Abdullah Almoaiqel, AJ Nelson, Joseph Dallago, and Yehia Badawy, Rain enables users in the Middle East (and beyond) to buy, sell, and store Bitocoin and other cryptocurrencies through its web and mobile-based platform. Having received its license from the Central Bank of Bahrain in 2019, it is the first licensed cryptocurrency asset platform of the Middle East.

According to its website, Rain currently works for users in Bahrain, Saudi Arabia, United Arab Emirates, Kuwait, and Oman, who can buy the crypto-assets by transferring the money to Rain Bahrain's bank account (the money shows up in their Rain wallet in a day or two) or instantly by