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Monday, 18 January 2021

Make it Rain

Crypto asset platform Rain raises USD 6 mn series A: Bahrain’s Rain Financial, whose subsidiary Rain Management is the region’s first fully licensed digital currency exchange, has raised USD 6 mn in a series A funding round led by Middle East Venture Partners with participation from Coinbase, Vision Ventures, CMT Digital Ventures, JIMCO, and DIFC Fintech Fund, according to an emailed statement (pdf). Rain plans to use the investments to expand its engineering team and work on growing its presence in the Middle East.

We’ve been following Rain since 2019. Egyptian Yehia Badawy is one of four co-founders of the outfit, which landed a sandbox license from the Central Bank of Bahrain in 2017.

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