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Coinbase Joins $6M Funding Round for Licensed Middle-East Exchange Rain Financial
The $6 million Series A round was led by Middle-Eastern VC firm MEVP Capital.
Bahrain-based cryptocurrency exchange Rain Financial has raised $6 million in Series A funding from Coinbase and other investors.
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- Rain Financial, the first cryptocurrency exchange with a crypto-asset service provider license from the Central Bank of Bahrain, announced the funding news via Twitter on Sunday.
- The $6 million funding round was led by Middle-Eastern VC firm MEVP Capital, with Coinbase, Vision Ventures, CMT Digital, Abdul Latif Jameel Fintech Ventures and DIFC also participating.
- “We are confident that our investors, who are regional and international leaders, will support us as we continue to drive towards our vision of reaching mass adoption of crypto-assets,” the team said in a joint statement via Twitter.
- Rain received its Bahrain license in 2019 following a two-year regulatory sandbox process.
- In 2019, the exchange closed a $2.5 million funding round co-led by BitMEX Ventures and Kuwait-based cryptocurrency fund Blockwater.
Read more: Bitcoin in Emerging Markets: The Middle East
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
