Halal cryptocurrency exchange Rain has introduced 0% trading fees, one of the most competitive fee structures in the region, in a bid to expand its Middle Eastern customer base.
“We believe introducing 0% commission trading is the fastest way to onboard millions of new customers in the Middle East that are newly interested in the crypto industry,” explained Co-Founder AJ Nelson.
Licensed by the Central Bank of Bahrain, Rain is seeking to be regulated in the UAE as well. Its UAE subsidiary – based in Abu Dhabi Global Market – has received an in-principal approval. Rain’s crypto asset brokerage service was certified Shariah compliant by Shariyah Review Bureau in 2019.
Earlier this year, the platform secured US$110 million in Series B funding, which was co-led by Paradigm and Kleiner Perkins with participation from numerous parties including Coinbase Ventures, Global Founders Capital, MEVP, Cadenza Ventures, JIMCO, and CMT Digital.