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 anemailed 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 2018. 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.

 

EDITOR’S NOTE: This story was corrected on 19 January, 2022 to reflect that we have been following Rain since 2018, not 2019. 

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