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Bahrain-Based Cryptocurrency Exchange Rain Raises $110 Million

The financial injection provided by the Series B funding round is supposed to help Rain double the number of its employees, which currently sits at 400.

Published

3 years ago

January 19, 2022

David Morelo

bahrain-based cryptocurrency exchange rain raises $110 million

After raising $6 million in a Series A led by MEVP in January 2021, Bahrain-based cryptocurrency exchange Rain has another reason to celebrate: the recent $110 million Series B funding round.

Co-led by Paradigm and Kleiner Perkins, with participation from Coinbase Ventures, Global Founders Capital, Cadenza Ventures, and others, the round is one of the largest ones for any startup in the Middle East & North Africa.

“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” stated the co-founding team. “It will also support our overarching mission of providing education and access to cryptocurrency to all of our supported markets”.

Rain was founded in 2017 by Abdullah Almoaiqel, AJ Nelson, Joseph Dallago, and Yehia Badawy. The exchange allows customers from the Middle East to easily buy and sell cryptocurrencies like Bitcoin, Ethereum, and Litecoin. So far, it has processed transactions worth more than $1.9 billion, serving 185,000 users across 50 countries.

rain cryptocurrency exchange dashboard

The financial injection provided by the Series B funding round is supposed to help the exchange double the number of its employees, which currently sits at 400.

Also Read: 5 Gaming Cryptos That Will Explode In 2023

“We believe that Rain is a crucial piece of the puzzle for bringing the Middle East deeper into the new crypto economy” said Casey Caruso, investing partner at Paradigm.

Indeed, the interest in cryptocurrency has been booming across the MENA region, with both individual retail investors and institutions embracing cryptocurrencies as the future of finance.

Dubai, for example, wants to become the world’s cryptocurrency capital by creating a comprehensive ecosystem for cryptocurrencies and providers of related services in the form of a special crypto zone at the Dubai World Trade Center.

Related Topics:Bahrain Cryptocurrency Rain

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“AI Seal” Certification Now Required For Dubai Gov Partnerships

The new mandatory certification is designed to build trust in AI companies and create a reliable network of providers for government and public collaboration.

Published

18 hours ago

January 21, 2025

Nour Nasir

ai seal certification now required for dubai gov partnerships

Dubai Media Office

Dubai has introduced the Dubai AI Seal, a certification designed to establish trust in artificial intelligence (AI) companies and solutions. This initiative, directed by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Deputy Prime Minister, aims to create a reliable network of AI providers which government entities and businesses can collaborate confidently.

Companies must now obtain the AI Seal to qualify for UAE or Dubai government contracts. The Dubai Centre for Artificial Intelligence (DCAI), which developed the certification, sees it as a competitive edge for companies looking to participate in key national projects. Once certified, businesses will be permitted to showcase the seal across their websites and marketing materials, signaling their credibility and dependability.

The evaluation process will consider six main criteria: the company’s services and operations, the number of employees specializing in AI, ongoing and future projects, as well as existing partnerships with public and private sector entities.

dubai ai seal certification

Khalfan Belhoul, CEO of the Dubai Future Foundation, which oversees the DCAI, commented on the initiative’s potential: “This initiative will help create powerful partnerships between the public and private sectors, locally, regionally, and globally. It will help drive new economic opportunities by leveraging AI to serve better the economy, society, and the future we aspire to”.

Also Read: Top Free AI Chatbots Available In The Middle East

The Dubai AI Seal’s goals include providing a clear framework for verifying AI providers, fostering business opportunities for AI companies, and acknowledging the industry’s strategic importance to Dubai’s economy. The initiative emphasizes AI’s role in driving economic growth, creating jobs, and strengthening collaboration between government bodies and technology firms.

All technology companies operating in Dubai and offering AI-related services or products are eligible to apply for the certification at no cost through the official website.