Bahrain-based Crypto Exchange Rain raises $110mn in series B round

By Shilpa Annie Joseph, Desk Reporter
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Bahrain-based leading cryptocurrency company Rain Financial has raised $110 million in a Series B funding round co-led by Paradigm and Kleiner Perkins.

According to the statement, “Other participants in the round included Coinbase Ventures, Global Founders Capital, MEVP, Cadenza Ventures, JIMCO, and CMT Digital.”

Rain plans to use the funds to expand licenses in new countries and regions as well as improve its technology with an advanced trading platform. Further, it intends to expand its workforce as cryptocurrency adoption continues to increase globally.

In a joint statement, the co-founding team said that, “We are very excited about this funding opportunity as it allows us to continue conversations with regulators across the MENA region, Turkey, and Pakistan about the benefits and potential of cryptocurrency.  It will also support our overarching mission of providing education and access to cryptocurrency to all of our supported markets.”

Casey Caruso
Casey Caruso
Investing Partner
Paradigm

“We believe Rain is a crucial piece of the puzzle for bringing the Middle East deeper into the new crypto economy. Their emphasis on supporting and educating those new to crypto alongside strong banking and regulatory relationships has helped them build a service people trust. This is just the beginning for Rain, and we’re honored to support their growth.”

Mr. Mamoon Hamid, partner at Kleiner Perkins commented that, “Rain provides fundamental access and an on-ramp to a new paradigm of the Internet. We’re excited to partner with Rain as they grow and expand to serve people in more locations around the world, including Pakistan.”

According to the statement, this announcement comes after a Series A round of funding, led by MEVP with participation from Coinbase Ventures, during which Rain raised $6 million in January of 2021.

While continuing to focus on regional expansion, Rain seeks to offer a safe and secure space to buy, sell and store cryptocurrencies, as well as providing regular educational opportunities for those interested in learning more about cryptocurrencies, as per the company.

Related: Microsoft & Atos unite to accelerate tech sector development in Qatar


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