RAIN crypto asset exchange, one of the first licensed exchanges to come out of Bahrain in April of this year, recently announced on twitter that it had received a licence that would allow it to accept locl currencies.
According to the tweet, Our mission is to bring cryptocurrency to the Middle East. We have done this by becoming licensed by the Central Bank of Bahrain and building institutional-grade infrastructure to accept local currencies in Bahrain, Saudi Arabia, United Arab Emirates, Kuwait and Oman.
This will allow the exchange to accept local currencies in and around Bahrain like Saudi Arabia, the United Arab Emirates, Kuwait, Oman, etc. The exchange has currently listed Bitcoin [BTC], Ethereum [ETH], Litecoin [LTC], and XRP. Fiat currencies that the exchange support include, Bahraini dinar, Saudi Riyal, United Arab Emirates dirham, Kuwaiti dinar, Omani rial and US dollar.
Vision Ventures were one of the first to invest in RAIN followed by BITMEX Ventures one of the BitMEX Ventures, the investment arm of the world’s most advanced cryptocurrency derivatives trading platform, builds and oversees a diverse investment portfolio of high-quality crypto and fintech companies with credible technology and innovative financial products complementary to BitMEX’s core businesses. With this investment, it intends to help Rain in its vision of creating a top international cryptocurrency exchange headquartered in the Middle East.
In July UNLOCK had interviewed Rain Co Founder who stated the MENA region is ripe for crypto asset trading.