The Central Bank of Bahrain has issued the license to Rain cryptocurrency exchange to operate legally in the country. With this approval the company has become the 1st regulated operator of cryptocurrency trading platform that can buy, sell, and store encrypted currencies in an organized, secure, and compatible manner as a custodian, in the middle east. The updates have publishedon the company’s websiteon July 30th.
Rainhas become the 1st Central Bank approved licensed crypto trading organization in the Middle East. This is a huge achievement for an organization that has truly demonstrated its capabilities in terms of capital adequacy, legitimate cybersecurity measures, insurance, reporting processes, and governance to operate in the region.
BitMEX Funded Rain
The information also revealed that the company has completed its 1st investment round of $2.5 million funding from various big names of the industry who have shown a keen interest in this rising crypto trading venture. These are the crypto derivatives giant BitMEX, Blockwater (A Kuwait’s investment fund that focuses on bringing blockchain-enabled projects into the real-world applications), Vision Ventures, the 500Startups MENA, and the Taiba Valley.
The prospects of the exchange are highly elevated because the venture is truly devoted to encouraging global cryptocurrency payment system, with its strong banking relationships, better pricing, lower fees and more reliable deposit and withdrawals features.
“The cryptocurrency is getting mature and becoming a more legitimate asset class which is a good signal for more prospects. Rain has the potential to build great diversification for Middle-Eastern traders with its exchange offering and experienced team. We are thrilled to contribute to this defining moment.” .BitMEX, co-founder and chief executive officer, Arthur Hayes while commenting on the prospects of Rain, noted
Other investors and name of the famous supporting personalities are Jimmy Song, Mike Komarnsky- founder of Cumberland Minings, Aaron Lasher and Aaron Voisine, co-founders of Breadwallet (BRD- a free digital wallet app for bitcoin), Compound.Finance (a decentralized money market protocol), JMBullion.
Rain Gets Crypto-Asset Module (CRA)
Reportedly, the Central Bank of Bahrain has given an operating license of Crypto-Asset Module (CRA)to Rain for two years and enabled the establishment to offer digital asset trading services in Bahrain, lawfully. The company has got the authority to offer its services both to individual and institutional clients.
As per the information, with the new funding Rain is geared up to work more dynamically while expanding its infrastructure. In the process, the exchange is planning to strengthen its engineering requirements and functioning towards investing in new technologies to construct a robust platform to deliver the best user experience.
Apparently, Bahrain is in the process of becoming a financial centre of the region and following this mission the Central Bank of Bahrain is linking with the Advanced Regulatory Group, that includes the British Financial Supervisory Authority (FCA)and the New York State Financial Services (NYDFS), to issue special legislation for the exchange of virtual & encrypted currencies.
Tags: Regulation News, Bitcoin, Encrypted currencies, Rain, Cryptocurrency Exchange, BitMEX, FCA, NYDFS, Central Bank Bahrain, Crypto-Asset Module (CRA)