Digging further into RAIN Exchange announcement that it has officially acquired the Crypto-Asset Module (CRA) license from the Central Bank of Bahrain (CBB) and the $2.5 million seed investment led by Bitmex ventures, UNLOCK talked with RAIN Exchange Co-founder Yehia Badawy.
According to Badawy, “When we were carrying out our fundraising exercise we were looking into companies that could either add regulatory or industry experience. With Bitmex which is one of the well reputed crypto exchanges globally we look to benefit from their industry experience.”
When asked about the amount that Bitmex invested in RAIN and whether this was a prelude to an acquisition Badawy explained, “We cannot at the moment disclose the amount Bitmex ventures invested in RAIN; however this is not an acquisition. The Bitmex Ventures arm invested in RAIN as it has done in other ventures.” he further elaborated, “Bitmex will be assisting RAIN exchange in expanding our product offering and growth.”
According to Badawy, “We are working on products for institutional investors, family offices and retail customers. We have seen a lot of positive interest from across the MENA region, including KSA and GCC, and we believe there will be strong uptake in the region.”
With the official launch of RAIN today, Badawy is confident that the number of clients will grow and that RAIN has a strong competitive advantage. He explains, “Now that we have a license we are no longer bound by number of clients we can bring on or the amounts we can trade. Being the first onshore regulated crypto asset exchange in the region is a big plus, in addition unlike others we are regulated by the central bank of Bahrain and our transaction prices are one of the most competitive in comparison with exchanges operating globally today.”
When asked if Bitmex would also support liquidity for RAIN Exchange Badawy replied, “We have liquidity partners in every continent and since we started in 2017 have been forging partnerships to that end. Our relationship with Bitmex today is not for liquidity but their presence globally could be a possible source of support.”
As for the near future RAIN Exchange will expand on its cryptocurrency offering, and launch new products in the future such as custody solution for institutional clients and other offerings. Badawy sums up, “It is a great day for us as RAIN, and for the growth of crypto asset ecosystem in the region.”