Bahrain-headquartered cryptocurrency dealings Rain has increased $110 million in a Sequence B round co-led by Paradigm and Kleiner Perkins. This is the first Middle East investment for both corporations. It is one of the greatest investments for startups in North Africa and the Middle East. This also comprises the participation of Coinbase Ventures, MEVP, JIMCO, Global Founders Capital, Cadenza Ventures, and CMT Digital. Rain has previously increased $6 million in a Sequence A led by MEVP in January last year. Its previous business people also comprise Coinbase, Saudi’s Vision Ventures, and JIMCO.
Formed in 2017 by Abdullah, Joseph Dallago, AJ Nelson, and Yehia Badawy, Rain conducts a crypto exchange in various markets of the Middle East, making capable utilizers there to purchase and sell Bitcoin, Litecoin, Ethereum, Tether, XRP, and some others. The startup claims to have 185,000 utilizers who and handled more than $1.9 billion value of transactions to date. This recently operates a team of 400 people and schemes to double the measure in 2022.
Moreover, to extend the team. Rain makes a plan to utilize the current investment to increase its tech and commence new markets comprising Pakistan, Turkey after getting compulsory regulatory permissions.
“We are very keen about this financing chance because it gives us to constant discussions with controllers around the region of MENA, Pakistan, and Turkey about the advantages and possibility of cryptocurrency. This would also help our overarching assignment of giving education and entrance to cryptocurrency to every supported market,” stated the co-founding team.
Casey Caruso, investing partner at Paradigm stated, “We believe Rain is a vital part of the riddle for getting the Middle East more profound into the recent crypto economy. Their focus on educating and supporting those new to crypto coupled with robust banking and regulatory rapports has assisted them to form a services trust. It is only the starting for Rain, and we are honored to support their development.”
Mamoon Hamid, Partner at Kleiner Perkins, stated, “Rain gives elemental reach and opens the door to a new paradigm for the internet. We are keen to collaborate with Rain as they develop and extend to help people in more spots in the globe, comprising Pakistan.”
Major contenders of the Rain in the Middle East comprise BitOasis which was the first notable crypto exchange in the Middle East and CoinMENA.
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