Rain, a cryptocurrency exchange based in Bahrain, has acquired the licence called crypto-asset module or CRA from the Central Bank of Bahrain. According to press, Rain has now secured a seed round of $2.5 million for its business.
Rain is the very first crypto exchange that receives the licence in the Middle East, a fact that makes Rain the first official crypto exchange in the region.
The seed round of the exchange was led by Blockwater, a Kuwait-based cryptocurrency fund and BitMEX Ventures. Other participants in the round included: 500 Startups MENA, Vision Ventures and Taibah Valley.
Rain established a close partnership with the Central Bank of Bahrain or CBB. It was the first exchange to gain access to CBB’s Regulatory Sandbox Program. From there, Rain was able to work with regulators and provide advice for the future of the cryptocurrency industry in the region.
Rain will position itself strategically and offer its users a better, smoother and easier access to digital coins. Another advantage for Rain is the fact that BitMEX Ventures is actually the investment division of the most advanced cryptocurrency derivatives trading platform, as noted by Fintech Futures.
The team that Rain managed to build is also impressive. Some of the key people and companies that Rain attracted as investors include: Mike Komarnsky, who is the creator of Cumberland Mining; the founders of JMBullion, which is in fact the largest precious metals brokerage in the United States; and CMT Digital.
More about the Middle East can be found here: