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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.

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3 years ago

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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.

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UAE Prepares To Launch Two Satellites: Thuraya-2 And MBZ-SAT

HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum chaired the first meeting of the Supreme Space Council yesterday.

Published

5 days ago

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December 17, 2024

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uae prepares to launch two satellites thuraya-2 and mbz-sat

HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Deputy Prime Minister of the UAE, chaired the first meeting of the Supreme Space Council in Dubai on December 16, 2024. The session highlighted the UAE’s ambitious space plans and took stock of the sector’s economic progress.

The council emphasized the growing role of private companies in advancing space technologies, noting that their contributions are now equal to that of the public sector. Members also praised initiatives like the Space Economic Zones Programme, which are designed to fuel innovation and investment in the space industry.

Discussing the UAE’s space journey, HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum remarked, “The national space sector continues to grow and advance, and we take immense pride in the remarkable achievements we have accomplished over the years”.

Sheikh Hamdan also received updates on two upcoming satellite projects: Thuraya-2 and MBZ-SAT. Thuraya-2, developed by Space42, is slated for launch this December. Meanwhile, the MBZ-SAT, created by the Mohammed Bin Rashid Space Centre (MBRSC), will soon follow. MBRSC, a major driver of the UAE National Space Programme, continues to lead the nation’s space-related developments.

Space42 took the opportunity to showcase its advancements, including ongoing collaborations between public and private entities. The company also outlined strategies to promote innovation, boost revenue streams, and create new opportunities for growth in the sector.

Also Read: IBM Opens New Doha Office To Support Qatar’s Digital Growth

The UAE’s current projects build on a growing legacy of space exploration. Back in 2020, the nation made headlines with its Mars mission, successfully sending a probe into the planet’s orbit in 2021. This mission, which is now in its second phase as of June 2024, has been collecting critical data to develop a comprehensive diurnal image of Mars.

The UAE also ventured into lunar exploration with an unmanned mission aimed at studying untouched regions of the Moon’s surface. While the probe ultimately crashed during its landing attempt after communication was lost seconds before touchdown, the effort represented a significant step in the country’s exploration ambitions.

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