Bahrain-based cryptocurrency exchange Rain Financial has raised $110 million in a Series B funding round co-led by Paradigm and Kleiner Perkins. Multiple firms participated in the round, including Coinbase Ventures, Global Founders Capital, MEVP, Cadenza Ventures, JIMCO, and CMT Digital. The new round comes a year after Rain raised $6 million in a Series A funding round led by MEVP and with participation from Coinbase Ventures.
"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," said Paradigm investment partner Casey Caruso.
What is Rain?
Founded in 2017 by Abdullah Almoaiqel, AJ Nelson, Joseph Dallago, and Yehia Badawy, Rain operates a crypto exchange in various Middle Eastern markets, allowing users to buy and sell cryptocurrencies. The company will use this investment to expand further licensing in other countries and regions, enhance its technology with an advanced trading platform, and grow its team as cryptocurrency adoption continues to increase globally.Rain became the first licensed crypto-asset service provider in the Middle East two years later. The company now has subsidiaries in Bahrain, Turkey, and the United Arab Emirates. The company has processed over $1.9 billion worth of transactions since its inception and has more than 185,000 active users.
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