News

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

Up Next

Samsung’s New Exynos 2200 Smartphone Chip Comes With AMD Xclipse GPU

Don't Miss

Fujifilm Launches Instax Link WIDE Smartphone Printer

Click to comment

News

1,000 Drones Light The Dubai Sky For AC Milan Celebration

Cyberdrone’s groundbreaking display marked 125 years of AC Milan football club and the 1st-year anniversary of Casa Milan Dubai.

Published

17 hours ago

November 21, 2024

Nour Nasir

Cyberdrone, a leading UAV display company based in Dubai, put on a breathtaking drone light show on Monday to honor two significant football milestones: AC Milan’s 125th anniversary and the one-year anniversary of Casa Milan Dubai.

The spectacle involved 1,000 drones working in perfect harmony to project AC Milan’s iconic imagery against the city’s night sky. Highlights included the UAVs synchronizing to form the club’s iconic crest, the signature red and black jersey, and a special emblem marking its 125th year. The intricate performance demanded meticulous planning, not just in terms of choreography, but also in dealing with the necessary permits and logistics.

cyberdrone ac milan dubai

“Our goal was to spotlight AC Milan’s legacy through a stunning visual narrative,” explained Mohamed Munjed Abdulla, Director of Sales at Cyberdrone. “We celebrated the club’s history, its Dubai milestone, and the universal love for football. The show also enhanced AC Milan’s regional presence, growing its fanbase through a cutting-edge, memorable experience. Drone shows are unparalleled in leaving lasting impressions, making them perfect for driving partnerships and growth”.

Also Read: Joby Begins Construction Of Dubai’s First Vertiport For Air Taxis

Greta Nardeschi, AC Milan’s Regional Director for MENA, echoed the sentiment, adding: “Collaborating with Cyberdrone for this 1,000-drone performance allowed us to connect with our fans in innovative ways. It gave us a unique opportunity to surprise and inspire audiences while elevating our Club’s visibility and that of our partners. Cyberdrone truly helped us take AC Milan to new heights”.

This groundbreaking drone display sets a new benchmark for the Middle East’s sports sector, which already contributes around $2.4 billion annually to Dubai’s GDP alone. Sporting events also generate $1.76 billion in revenues across the region, while the MENA’s entertainment sector, valued at $41.13 billion, is growing at 9.41% annually, driven by rapid technological advancements.