Bahrain

Bahraini Crypto Startup Rain Financial’s $6 Million Funding Round Joined by Coinbase

Rain Financial Inc, a licensed cryptocurrency platform and custodian, announced that it had raised $6 million during a Series A funding round.

The round was led by Middle East Venture Partners (MEVP), a venture capital firm in the Middle East, with participation from existing and new investors namely Coinbase, Vision Ventures, CMT Digital Ventures, Abdul Latif Jameel Fintech Ventures, and DIFC Fintech Fund.

Headquartered in the Kingdom of Bahrain with satellite offices in Riyadh, Cairo, and San Francisco, the company offering buying, selling, and custody services was founded in 2017 by four of its founders; Abdullah Almoaiqel, AJ Nelson, Joseph Dallago, and Yehia Badawy.

Rain Financial Inc.’s Bahraini subsidiary, Rain Management W.L.L, became a licensed crypto-asset platform in the Middle East in 2019, upon receiving a Category 3 Crypto-Asset Service Provider license from the Central Bank of Bahrain.

In a joint statement, the co-founding team said,

“We are confident that our investors, who are regional and international leaders, will support us as we continue to drive towards our vision of reaching mass adoption of crypto-assets.”

Riyad Abou Jaoudeh MEVP’s Junior Partner commented on the round,

Riyad Abou Jaoudeh

“As crypto-assets continue to grow and transform into a recognised asset class, regional retail and institutional investors alike need a localised, safe, and regulated fiat-to-crypto rails.”

Featured image credit: edited from Unsplash