Middle East Bitcoin Exchange Rain Financial Raises $6M from Coinbase and MEVP
Rain Financial
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Cryptocurrency exchange Rain Financial, based in Bahrain, has raised $6 million in the Series A funding round, Bloomberg reports. The bitcoin (EXANTE: Bitcoin) exchange, primarily used in the Middle East and North Africa received funds from Coinbase, Middle East Venture Partners (MEVP) and others.

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Other investors include: Vision Ventures, Jameel Investment Management, CMT Digital Venture and DIFC Fintech Fund. The exchange was founded back in 2016. It received a Crypto-Asset Module (CRA) license from the Central Bank of Bahrain, which made it the very first and the only licensed crypto exchange in the Middle East.

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Founded by Yehia Badawy, Abdullah Almoaiqel, AJ Nelson, and Joseph Dallago, Rain allows users in Bahrain, United Arab Emirates and Saudi Arabia to buy, sell and store cryptocurrencies like bitcoin, ether and litecoin with bank accounts or credit cards.

In 2019 Bittrex teamed up with Rain Financial to launch a digital asset trading platform in the Middle East. Rain was responsible for providing its staff and expertise in the area whereas Brittrex would take care of the infrastructure and security of the platform.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.

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