According to the press release shared by the coin desk Rain Financial, a Bahrain-based crypto exchange company, has bagged $110 million in a series B fundraising round led by Paradigm and Kleiner Perkins.
The funds will be used to get licenses in new countries, enhance the company’s technology, and hire more employees.
“We feel Rain is a vital part in bringing the Middle East into the emerging crypto economy. Their focus on helping and teaching newcomers to crypto, as well as strong banking and legal partnerships, has helped them establish a business that people believe in.
In an email to CoinDesk, Paradigm investment partner Casey Caruso stated, “This is just the beginning for Rain, and we’re thrilled to support their progress.”
Rain was established in 1997 and became the Middle East’s first registered crypto-asset service provider two years later. Bahrain, Turkey, and the United Arab Emirates are currently divisions of the company.
A year earlier in Series A funding round, Rain raised $6 million, led by MEVP with participation from Coinbase Ventures.
Over the last year, Bahrain has strived to develop its crypto industry. The country’s central bank approved the establishment of crypto exchange CoinMENA in January 2021, which follows Islamic law, or shariah.
Coinbase Ventures, Global Founders Capital, MEVP, Cadenza Ventures, JIMCO, and CMT Digital were among the other investors in the round.
In a news statement, Kleiner Perkins Partner Mamoon Hamid stated, “Rain covers basic Internet connection and an on-ramp to a modern Internet concept. We’re excited to partner with Rain as they grow and expand to assist people in additional regions around the world, including Pakistan.”
Rain claims to have completed over $1.9 billion in transactions and has 185,000 active users since its debut.
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