Manama, June 28 (BNA): Bahrain Bay Fintech (BFB) and Rain, the first crypto asset service provider licensed in the Middle East by the Central Bank of Bahrain (CBB), have announced their partnership to continue to drive success in the field. The cryptocurrency sector and to be at the forefront of reshaping the future of finance in the region.
In line with Rain’s commitment to provide a trusted platform for all current and future cryptocurrency clients, Bahrain FinTech Bay and Rain will launch a series of initiatives, including a live crypto event that will start in August, followed by educational workshops.
The range of events will be accessible to all those interested in the field of blockchain and cryptocurrency. The partnership will enhance Rain’s access to new entrants and crypto enthusiasts in the Kingdom.
Rain began its journey in Bahrain and began working closely with the Central Bank of Bahrain, as well as other forward-thinking institutions, such as the Bahrain Economic Development Board (EDB) and Bahrain FinTech Bay.
In September 2017, the company was invited to join the Central Bank of Bahrain’s regulatory sandbox as the first crypto-asset platform to be accepted into the Sandbox; It is a historic moment for the industry and for Rain, as they become the first licensed crypto company in the Middle East and establish the confidence needed to start opening up cryptocurrency in the region.
Four years later, the cryptocurrency exchange has become one of the biggest successes in the financial services sector in the Kingdom and has gained immense popularity in the cryptocurrency industry in the MENA region. The platform expanded rapidly with a skilled team, which allowed them to generate $1 billion in trading volume last year. Furthermore, in early 2022, Rain announced its $110 million Series B funding, with the participation of several parties.
This partnership will play a key role in supporting Bahain in achieving the goals set by the Kingdom’s Economic Vision 2030.
Bahrain FinTech Bay has embraced a wide range of actors in the ecosystem, with more than 120 local and regional partners across government bodies, financial institutions, corporations, consulting firms, universities, associations, venture capitalists and FinTech startups. In just a few years since its inception, Bahrain FinTech Bay has incubated over 90 influential FinTech companies and startups, and supported 120 startups through their accelerator programs.
“Our ongoing partnership with Bahrain FinTech Bay, with whom we share a unified vision, will begin the next chapter to bring the Middle East into the new crypto economy. This synergy will enable us to continue to play our part in raising awareness of the tremendous potential of cryptocurrencies to transform finances globally,” the founder said. Rain co-founder, Joseph Dallago.
The Middle East is one of the fastest growing cryptocurrency markets in the world, with the understanding that this will be one of the pillars of the economy in the future. Rain is part of this transformation, and it will continue to pave the way for the next generation.
We are pleased to partner with the first licensed crypto exchange in the Middle East. By partnering with us, Rain will access a wide range of possibilities, which will cement its position as one of the leading cryptocurrency exchanges in the Middle East. Our founding partnership with Rain allows us to realize our collective vision of building an affordable financial system. Bader Sater, CEO of Bahrain FinTech Bay, said that Bahrain has made remarkable strides towards enabling a safe and regulated digital currency industry, and we want to contribute more to this journey.
FKN