Bahrain crypto exchange Rain nets $110m

Bahrain-based cryptocurrency exchange Rain has collected $110m in its Series B funding round.

The investment was co-led by Paradigm and Kleiner Perkins, with commitments also coming from Coinbase Ventures, Global Founders Capital, MEVP, Cadenza Ventures, JIMCO and CMT Digital.

With the capital, Rain plans to expand its licensing into other countries in the region, hire more staff and enhance its technology.

Founded in 2019 by Abdullah Almoaiqel, AJ Nelson, Joseph Dallago and Yehia Badawy, Rain helps consumers buy, sell and store approved cryptocurrency.

Its services are currently available in Bahrain, Turkey and the UAE.

Paradigm investing partner Casey Caruso said, “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.”

The FinTech company previously raised $6m in its Series A round, which closed in January 2021.

It claims to have completed a total of $1.9bn in transactions and has over 185,000 active users.

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