Rain Financial Inc., which operates a crypto-asset platform used primarily in the Middle East and North Africa, raised $ 6 million, backed by Coinbase Inc., the largest cryptocurrency exchange in the US
The Series A funding round was led by venture capital firm Middle East Venture Partners, Rain Financial said in a statement. Rain Financial declined to publish its valuation.
- Other investors include:
- Saudi Arabian private equity investor, Vision Ventures
- Jameel Investment Management Co.
- CMT Digital Venture LLC based in Chicago
- DIFC Dinte Funded in Dubai
The four-year company’s Rain Management business was the first crypto-asset platform allowed in the Middle East when it received approval from the Central Bank of Bahrain to operate in 2019, according to the statement.
Rectangular crypto platforms have been pushed up in the price of Bitcoin, the largest cryptocurrency, at the end of 2020, which is accompanied by roller-coaster volatility.
Does Bitcoin Boom mean ‘better gold’ or bigger bubbles? QuickTake
Last year saw “significant growth in the number of users and volume of trade on Rain,” co-founder Yehia Badawy said in an interview. “We have seen more adoption from retail clients, high value individuals, and institutional messengers.”
Rain Financial plans to use the funds for regional expansion and to grow its engineering team, Badawy said. It is also in talks with regulators in the Middle East to expand its reach, he said.
(Company corrects reference to Jameel Investment Management Company in a press release.)