Crypto platform Rain rakes in $100m in Series B funding
Cryptocurrency platform Rain has raised $110 million in a Series B funding round.
The round was co-led by Paradigm and Kleiner Perkins with participation from multiple parties including Coinbase Ventures, Global Founders Capital, MEVP, Cadenza Ventures, and CMT Digital.
Rain was founded in 2017 and has subsidiaries in Bahrain, Turkey, and the UAE. The firm became the first licensed crypto-asset service provider in the Middle East in 2019, authorised by the Central Bank of Bahrain.
The company says the new money will be used for expansion into new countries, advancing its trading technology, and growing its team.
The company currently employs 400+ people and hopes to double in size this year.
It says it has completed $1.9 billion worth of transactions and has 185,000+ active users.
“This funding opportunity allows us to continue conversations with regulators across the MENA region, Turkey, and Pakistan about the benefits and potential of cryptocurrency,” Rain’s co-founders, Abdullah Almoaiqel, AJ Nelson, Joseph Dallago, and Yehia Badawy, say in a joint statement.
“It will also support our overarching mission of providing education and access to cryptocurrency to all of our supported markets.
“At Rain, we strongly believe in the long-term value of cryptocurrency and its blockchain technology foundation to change finance globally.”
Casey Caruso, investing partner at Paradigm, describes Rain as “a crucial piece of the puzzle for bringing the Middle East deeper into the new crypto economy”.
In January 2021, Rain raised $6 million in a Series A round led by MEVP with participation from Coinbase Ventures.