Rain announces partnership with Bahrain Fintech Bay

Agencies | Manama                          

The Daily Tribune – www.newsofbahrain.com

Bahrain FinTech Bay (BFB), and Rain, the first licensed crypto-asset service provider in the Middle East by the Central Bank of Bahrain (CBB), have announced their partnership to continue to drive success in the crypto sector and be at the forefront of reshaping the future of finance in the region. 

In line with Rain’s commitment to bring forward a trusted platform to all current and future customers in the cryptocurrency space, Bahrain FinTech Bay and Rain will launch a series of initiatives, including a live crypto event that will kickstart this August, followed by educational workshops.

The lineup of events will be accessible to everyone interested in the blockchain and cryptocurrency space. The partnership will reinforce Rain’s outreach to crypto newcomers and enthusiasts in the Kingdom.

Rain started its journey in Bahrain and began working closely with CBB, as well as other forward-thinking institutions, such as the Bahrain Economic Development Board (EDB) and Bahrain FinTech Bay.

In September 2017, the company was invited to join the CBB’s regulatory sandbox as the very first crypto-asset platform to be admitted to the sandbox; a historic moment for the industry and for Rain, becoming the very first licensed crypto company in the Middle East and establishing the needed trust to start unlocking crypto in the region.

Four years later, the cryptocurrency exchange has become one of the biggest successes in the Kingdom’s financial services sector and has gained immense popularity in the crypto MENA industry. The platform quickly expanded with a skilled team, allowing them to achieve $ 1 billion in trading volume last year. Furthermore, in early 2022, Rain announced their $ 110 million in Series B funding, with participation from numerous parties.

This partnership will play a key role in supporting Bahain in achieving the goals outlined by the Kingdom’s Economic Vision 2030.

Bahrain FinTech Bay has embraced a wide range of ecosystem players, with over 120 local and regional partners across governmental bodies, financial institutions, corporates, consultancy firms, universities, associations, venture capitalists, and fintech start-ups. In just a few years since its establishment, Bahrain FinTech Bay has incubated 90+ impactful fintech companies and startups, and supported 120 startups through their accelerator programs.

“Our continued partnership with Bahrain FinTech Bay, with whom we share a unified vision, will kickstart our next chapter to bring the Middle East further into the new crypto economy. This synergy will empower us to continue playing our role of raising awareness of the vast potential of cryptocurrencies to change finance globally,” Co-Founder of Rain, Joseph Dallago said.

“The Middle East is one of the fastest-growing cryptocurrency markets in the world, with a realization that this will be a pillar of the economy in the future. Rain is part of this shift, and will continue to pave the way for the next generation,” he said.

“We are pleased to partner with the Middle East’s very first licensed crypto exchange. By partnering with us, Rain will access a wealth of possibilities, which will further cement their status as one of the leading cryptocurrency trading platforms in the Middle East. The founding partnership with Rain allows us to achieve our collective vision of building a financial system that is accessible to everyone. Bahrain has made notable strides towards enabling a safe and regulated cryptocurrency industry, and we want to further contribute to this journey,” CEO of Bahrain FinTech Bay, Bader Sater said.