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Rain Financial working closely with Mena regulators for new crypto platform

Dubai - Rain Financial Group has raised over $9.5 million in seed funding and Series A funding.

Rain Financial Group, the leading cryptocurrency group in the Middle East, is working closely with regulators across the Mena region to obtain the necessary licenses for the launch of their new and improved platform ‘Rain 2.0’, which will offer a new set of products and an improved customer experience.

The group hosted a virtual panel on Wednesday sharing insights on cryptocurrency in the region as well as getting to know the Rain brand. The panel consisted of the Rain co-founders, Joseph Dallago, Adam (AJ) Nelson, and Yehia Badawy as well as Mohamed Khalid Ateeq, GM of Rain Management in Bahrain.

“Rain Management W.L.L, Rain Financial Group subsidiary is currently serving UAE users under its license from the Central Bank of Bahrain. Nonetheless, we are constantly updating ourselves with the efforts taken by the UAE government within the Crypto space and looking forward to obtaining our license here,” said Dallago.

Rain Management W.L.L is a crypto-asset service provider in the Middle East, headquartered in Bahrain, and is licensed and regulated by the Central Bank of Bahrain (CBB) as a Category 3 Crypto-Asset Service Provider. Rain Management enables customers to buy, sell, and store bitcoin and other crypto-assets, in a regulated, secure, and compliant way. Customers located in Bahrain, Saudi Arabia, Kuwait, Oman, and UAE can open an account and avail services.

Rain Financial Group has raised over $9.5 million in seed funding and Series A funding, while its subsidiary, Rain Management W.L.L, crossed over $1 billion in trading volume. Rain serves over 100,000 users in the region and has 200 team members, 105 of which are under Rain Management W.L.L.

Rain Management is also the first platform to offer Shariah-compliant cryptocurrencies. The Shariah certification covers a suite of three cryptocurrencies — Bitcoin, Ethereum, and Litecoin. The Shariah compliance certification was completed in 2019 by the Shariyah Review Bureau (SRB) which is licensed by the Central Bank of Bahrain. — sandhya@khaleejtimes.com