Rain, the Shariah compliant cryptocurrency exchange licensed in Bahrain, is looking to expand into different MENA markets as well as other key Muslim jurisdictions.
The trading platform at a virtual event revealed that this is part of its growth strategy which would include new offerings. A graduate of Central Bank of Bahrain’s fintech regulatory sandbox program which subsequently secured a full license in 2019, Rain is the Kingdom’s first regulated crypto trading platform in 2019. Since then, the platform has grown its user base to over 100,000 and executed over US$1 billion in trade in June.
While it is serving clients from the GCC from through its Bahraini headquarters, Rain is working toward obtaining official licenses from regulators in the region including the UAE, Turkey and Pakistan.
“This is part of a long-term commitment in the company to form a really clear regulatory space for crypto in the region,” said co-founder and CEO, Joseph Dallago.