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Investments pour down on Bahrain Crypto Exchange "Rain"

Investments pour down on Bahrain Crypto Exchange "Rain"

 

Vision Ventures announced on February 25th that they have invested in Bahrain crypto exchange Rain. Rain will be the first regulated exchange in the GCC if and when they receive a license from the Central Bank in Bahrain. 

 

 

UNLOCK spoke with Abdullah Almoaiqel, Founder of Rain to discuss the investments being made and the progress so far. As Almoaiqel explained, “We are currently in a seed round which will be completed in the next two weeks. We are happy that we have received support and funding from investors both in the region as well as outside. Vision Ventures is one of several investors who have invested in Rain. We are in the final stages of securing the seven figure investment we were aiming for.”

The funds will be used to maintain operations for Rain and expand its offering over the next two years according to Almouaiqel.

In a comment made to MenaBytes, Kais Al Essa, Founding Partner of Vision Ventures, said, “We’re very excited to start 2019 with our investment in Rain. They have a strong team and a full functional trading platform that’s way ahead of what’s available in the region.

Rain which is part of the Central Bank of Bahrain’s regulatory sandbox is operating in a private beta state with a specific number of customers. This status should change as the Central Bank of Bahrain has issued the final rules on a range of activities relevant to crypto assets today.

Mr. Khalid Hamad, Executive Director Supervision at Central Bank of Bahrain, said in a press release issued by the Central Bank of BahrainBanking: “We will continue to enhance our regulatory framework in order to keep pace with the innovations taking place in the major financial centers around the globe. The CBB’s introduction of the rules relating to crypto-assets is in line with its goal to develop comprehensive rules for the FinTech eco-system supporting Bahrain’s position as a leading financial hub in the MENA region.”

Commenting on the recent issuance from the Central Bank of Bahrain, Almoaiqel states, “We hope that we will receive a license and be open to the public and able to serve the entire GCC region within the next three months.”

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