Bahrain-based crypto exchange platform, Rain, has raised $110 million in a Series B funding round, co-led by Silicon Valley venture capital firm Kleiner Perkins, Coinbase Ventures, and Paradigm.
According to the statement issued by Rain, other investors participated in it latest funding round including: Global Founders Capital, MEVP, Cadenza Ventures, and CMT Digital.
It's worth noting that this is not Rain's first funding round that witnessed Coinbase Ventures's participation. In January 2021, Coinbase Ventures participated in Rain's Series A finding round that was led by led by MEVP and raised $6 million.
Jointly-founded in 2017 by Abdullah Almoaiqel, AJ Nelson, Yehia Badawy, and Joseph Dallago, Rain managed to grow and today it has subsidiaries in various jurisdictions, including Bahrain, Turkey, and the UAE.
The crypto-exchange that claims to be the region’s first licensed cryptocurrency firm and one of the largest platforms to buy, sell and store the tokens, said that it will use the fund to expand across other countries and regions, continue to grow the team, as well as enhance its technology with an advanced trading platform.
The fund will help the company continue conversations with regulators from the Middle East and North Africa (MENA) region, Turkey, and Pakistan about the benefits and potential of cryptocurrency, the confounding team said in a statement. With expansion plans in the region, Rain aims to double its team of more than 400 employees by 2022.
"Rain provides fundamental access and an on-ramp to a new paradigm of the Internet. We're excited to partner with Rain as they grow and expand to serve people in more locations around the world, including Pakistan," Mamoon Hamid, a partner at Kleiner Perkins, said in a statement.
“We believe Rain is a crucial piece of the puzzle for bringing the Middle East deeper into the new crypto economy,” said Casey Caruso, investing partner at Paradigm.
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