Rain Gains License to Operate Crypto Exchange in Bahrain
- The exchange also closed a $2.5 million funding round.
BitMEX-backed crypto exchange Rain on Wednesday announced that it received the crypto-asset module (CRA) license from the Central Bank of Bahrain (CBB) to offer digital asset trading services in the region.
The exchange received the license after operating under the central bank’s regulatory sandbox for two years. It has become the first cryptocurrency exchange in the Middle East to obtain a regulatory license, the announcement detailed.
Backed by big names in the industry
The demand in the region for crypto trading and Rain’s licensed platform also attracted investors’ interest.
The exchange also secured $2.5 million funding round co-led by BitMEX and Blockwater, a digital asset fund based in Bahrain. Other well-known investors including Jimmy Song, Cumberland Minings’ Mike Komarnsky, and Aaron Lasher and Aaron Voisine, co-founders of Breadwallet.
Commenting on the prospect of the exchange and the funding, Arthur Hayes, co-founder and chief executive of BitMEX, said: “BitMEX Ventures is devoted to encouraging greater global access to cryptocurrency trading as we start to see the maturation of Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term as a legitimate asset class.”
“As the first licensed cryptocurrency exchange in the Middle East, Rain has an unprecedented opportunity to tap into the incredible potential that cryptocurrency trading will bring to the region. We believe that Rain will bring greater diversification to Middle-Eastern traders with its exchange offering and experienced team, and we are thrilled to contribute to this defining moment.”
The exchange is planning to utilize the fresh capital to expand its infrastructure by strengthening the engineering needs and also investing in new technologies.
Earlier this year, Finance Magnates reported that Bahrain was gearing up to introduce cryptocurrency regulation in the country. Also, in the neighboring UAE, Bithumb joined hands with Nvelop to start a crypto-fiat Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term.
Meanwhile, Seychelles-based crypto exchange BitMEX is reportedly facing an investigation in the United States by the Commodities and Futures Trading Commission (CFTC) under suspicion for providing services in the country.
BitMEX-backed crypto exchange Rain on Wednesday announced that it received the crypto-asset module (CRA) license from the Central Bank of Bahrain (CBB) to offer digital asset trading services in the region.
The exchange received the license after operating under the central bank’s regulatory sandbox for two years. It has become the first cryptocurrency exchange in the Middle East to obtain a regulatory license, the announcement detailed.
Backed by big names in the industry
The demand in the region for crypto trading and Rain’s licensed platform also attracted investors’ interest.
The exchange also secured $2.5 million funding round co-led by BitMEX and Blockwater, a digital asset fund based in Bahrain. Other well-known investors including Jimmy Song, Cumberland Minings’ Mike Komarnsky, and Aaron Lasher and Aaron Voisine, co-founders of Breadwallet.
Commenting on the prospect of the exchange and the funding, Arthur Hayes, co-founder and chief executive of BitMEX, said: “BitMEX Ventures is devoted to encouraging greater global access to cryptocurrency trading as we start to see the maturation of Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term as a legitimate asset class.”
“As the first licensed cryptocurrency exchange in the Middle East, Rain has an unprecedented opportunity to tap into the incredible potential that cryptocurrency trading will bring to the region. We believe that Rain will bring greater diversification to Middle-Eastern traders with its exchange offering and experienced team, and we are thrilled to contribute to this defining moment.”
The exchange is planning to utilize the fresh capital to expand its infrastructure by strengthening the engineering needs and also investing in new technologies.
Earlier this year, Finance Magnates reported that Bahrain was gearing up to introduce cryptocurrency regulation in the country. Also, in the neighboring UAE, Bithumb joined hands with Nvelop to start a crypto-fiat Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term.
Meanwhile, Seychelles-based crypto exchange BitMEX is reportedly facing an investigation in the United States by the Commodities and Futures Trading Commission (CFTC) under suspicion for providing services in the country.