Bahrain’s Rain, a cryptocurrency exchange platform, has raised $110 million in funding in its second funding round, which was led by Paradigm and Kleiner Perkins, co-incorporated by Coinbase Ventures, Global Founders Capital, MEVP, Cadenza Ventures, as well as JIMCO and CMT Digital.
Rain was founded in 2017 by Abdullah Al-Muaqel, AJ Nelson, Joseph Dallago, and Yahya Badawi and is one of the first digital currency exchange platforms in the Middle East and North Africa, allowing users to buy, sell, and exchange digital currencies, along with other services such as storage and speculation. .
In January of last year, the company raised $6 million in its first funding round, and its team of 400 employees has processed more than $1 billion in financial transactions through 185,000 users.
Paradigm co-investor Casey Caruso said: “Rain’s focus on supporting and educating crypto novices along with strong banking and regulatory relationships has helped them build a service that people trust, which is just the beginning for Rain, We are proud to support its growth.”
Read also: Rain platform raises $6 million in first funding round
Rain will use the new investment to support its expansion plans in the Middle East, North Africa, Turkey and Pakistan, where it aims to double its growth during 2022.
Read also: The largest cryptocurrency exchange opens its headquarters in Dubai
Also Read: Saxo Bank Launches New Cryptocurrency Trading Platform in the Middle East
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