The Middle East Venture Partners is one of the leading investors with other participants like Coinbase, Rain Financial, DIFC Fintech Fund, and Vision Ventures to have raised a total of $6 million. However, they didn’t opt for the final valuation with the disclosure. Rain is the first ever licensed cryptocurrency platform in the Middle East that got approved by the Central Bank of Bahrain. It is going to use the funding for the expansion of regions and the bolstering along with its engineering team.
Yehia Badaway, the co-founder of the company, said that the region saw a boost in the volume of transactions and registration. The users include professional investors, institutions, and retail clients. It is operating in more than 50 countries.
Rain is having a total of $17.9 million, with their previous funding of around $9 million the last December. The company has its position to become a very dominant player in this region that can become lucrative with the improvement of the regulations.
Bahrain is focused on becoming one of the most improving ones with cryptocurrency in the Middle Eastern nations. From the last years, officials are gaining the deliberate regulatory framework for cryptocurrencies, which are the potential to make the nation a hub of cryptocurrency.
Coinbase is evidently experiencing the potential in the operation of Rain. The exchange is also focusing on the global presence, which got threatened by the major exchanges like Binance. The exchange is an arm for investment. Coinbase Ventures have invested in various companies. Coinbase itself raised the value of $300 million with the Series E Funding in 2018. The company is going to launch a hotly anticipated IPO, which is worth $28 billion, according to Messari.
Source: https://beincrypto.com/coinbase-invests-middle-eastern-crypto-exchange-rain-financial/