Bahrain-licensed cryptocurrency exchange Rain has raised US$110 million in Series B funding which it will use to support its expansion plans into Turkey, Pakistan and the rest of MENA.
The funding round was co-led by Paradigm and Kleiner Perkins with participation from Coinbase Ventures, Global Founders Capital, MEVP, Cadenza Ventures, JIMCO and CMT Digital, among others. This follows a US$6 million Series A round one year ago, which was led by MEVP with participation from Coinbase Ventures.
“We are very excited about this funding opportunity as it allows us to continue conversations with regulators across the MENA region, Turkey, and Pakistan about the benefits and potential of cryptocurrency. It will also support our overarching mission of providing education and access to cryptocurrency to all of our supported markets,” Rain’s co-founding team shared. Rain was founded in 2017 by Abdullah Almoaiqel, AJ Nelson, Josepth Dallago and Yehia Badawy and was the first to be Islamic digital asset exchange to graduate from the Central Bank of Bahrain’s regulatory sandbox. Since it was licensed in 2019, Rain has facilitated over US$1.9 billion-worth of transactions and built an active user base of over 185,000.
Apart from securing licenses in other jurisdictions, the investment will be channeled toward bolstering its technology architecture and increasing headcount. Rain currently employs over 400 individuals and hopes to double the number this year.