Startup Spotlight: Rain

Startup Spotlight: Rain

In a region where digital asset trading platforms are few and far between, Rain Financial made a strong entry by being the first cryptocurrency exchange to receive a full regulatory license in the Middle East from Bahrain’s central bank. Since its launch in 2019, Rain has been on a mission to bridge the gap between traditional financial markets and the rapidly-evolving world of cryptocurrencies. Its innovative and security-focused approach has garnered attention from investors and traders alike, and it’s well on its way to becoming a dominant force in the Middle Eastern crypto landscape.

The founders Abdullah Almoaiqel, Yehia Badawy, AJ Nelson, and Joseph Dallago have very diverse backgrounds, but they shared a common frustration with the lack of access to digital asset platforms in the Middle East. After witnessing the rapid growth of cryptocurrencies worldwide, they realized that the region was missing out on the benefits and opportunities that digital assets could provide.

In Q1 of this year, it is estimated that the company processed 3.7 million transactions with a $4 billion dollar volume. As well as having 1.2 million users signing up on to their platform. These numbers attracted many eyes to the company and they were able to raise $110 million in a Series B round that took place in 2022 with a pre-money valuation of $390 million. The list of investors includes leading venture capital firms and industry giants like Coinbase and Paradigm.

Rain’s commitment to security has led them to pioneer the use of multi-signature cold storage wallets, ensuring that a majority of customer assets are held offline and protected from unauthorized access. This is more important than ever after what the industry went through in the last year, with the failure of the largest US exchange FTX. Customers could sleep at night knowing that Rain follows very strict protocols when it comes to security.

Apart from security, their platform offers a user-friendly interface in both Arabic and English and has customer support available in both languages. Additionally, Rain supports local currencies such as the Bahraini Dinar, Saudi Riyal, Kuwaiti Dinar, and United Arab Emirates Dirham, providing an accessible entry point for those new to the world of digital assets.

The Company faced some challenges in the past year with the markets downturn, they had to layoff dozens of employees according to reports. Between 500-1000 Employees are still working their though (According to their LinkedIn) and innovation inside the firm continues to grow. The company has introduced various products and services, such as Rain Brokerage, an institutional-grade trading platform, and Rain Pay, a seamless payment solution for businesses looking to accept cryptocurrencies. Also, just recently they introduced ApplePay as an option for payment, which makes buying crypto more easy than ever before.

As digital asset adoption continues to grow, Rain Financial is well-positioned to become the go-to platform for cryptocurrency trading in the Middle East. Its focus on regulatory compliance, innovative solutions, and deep understanding of the region’s unique needs has set Rain up for a bright future in the rapidly-evolving world of digital assets.

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