Rain Monetary, operator of the Rain cryptocurrency exchange that’s licensed by the Central Financial institution of Bahrain, raised $110 million in sequence B funding as digital currencies achieve extra acceptance amongst mainstream traders globally.
The spherical was led by San Francisco-based cryptocurrency-focused funding firm Paradigm and Silicon Valley enterprise capital firm Kleiner Perkins.
Rain Monetary additionally acquired backing from US-based Coinbase Ventures, World Founders Capital, Center East Enterprise Companions, Cadenza Ventures, Jimco and CMT Digital, the corporate stated on Tuesday.
Based in 2017 by Abdullah Almoaiqel, AJ Nelson, Joseph Dallago and Yehia Badawy, Rain will use the proceeds of the funding spherical to safe extra licences within the Mena area, Turkey and Pakistan, improve its know-how by means of a sophisticated buying and selling platform and develop the crew.
“We’re very enthusiastic about this funding alternative because it permits us to proceed conversations with regulators throughout the Mena area, Turkey and Pakistan about the advantages and potential of cryptocurrency. It should additionally help our overarching mission of offering training and entry to cryptocurrency to all of our supported markets,” the founders stated.
“At Rain, we strongly imagine within the long-term worth of cryptocurrency and its blockchain know-how basis to alter finance globally.”
Cryptocurrencies have develop into a well-liked mode of funding over the previous two years, partly spurred by elevated digital adoption in the course of the pandemic. It has additionally pushed by bored traders with time on their fingers throughout motion restrictions and more money to take a position after a sequence of presidency stimulus packages.
Rain Monetary was arrange in 2017 and acquired a licence to function as a crypto-asset dealer by Bahrain’s central financial institution in 2019. The corporate provides its prospects a means to purchase and promote digital currencies, in addition to custodian providers to carry their belongings.
In 2019, the start-up raised $2.5m from BitMex Ventures and Bahraini cryptocurrency fund Blockwater.
Bitcoin fanatic and developer Jimmy Track, Cumberland Mining founder Mike Komarnsky, together with Aaron Lasher and Aaron Voisine, founders of cryptocurrency pockets BRD, additionally participated within the spherical.
The FinTech additionally raised $6m in January 2021 in a sequence A spherical of funding, led by MEVP with participation from Coinbase Ventures.
“We imagine Rain is a vital piece of the puzzle for bringing the Center East deeper into the brand new crypto financial system,” Casey Caruso, investing accomplice at Paradigm, stated.
“Their emphasis on supporting and educating these new to crypto alongside robust banking and regulatory relationships has helped them construct a service folks belief.”
The beginning-up has carried out greater than $1.9 billion value of transactions so far and hosts greater than 185,000 energetic customers. With greater than 400 staff, Rain will proceed to develop its crew throughout the area and hopes to double in measurement this yr, the corporate stated.
“Whereas persevering with to concentrate on regional enlargement, Rain seeks to supply a protected and safe house to purchase, promote and retailer cryptocurrencies, in addition to present common instructional alternatives for these thinking about studying extra about cryptocurrencies,” it stated.
Up to date: January 18th 2022, 9:27 AM