Rain raises USD 110million in Series B funding
Rain, a crypto-asset service provider, raised USD 110 million in its Series B funding to further expand licensing in other countries and regions, enhancing its technology with an advanced trading platform and continuing to grow the team as cryptocurrency adoption continues to increase globally.
This announcement comes after a Series A round of funding of USD 6 million in January of 2021. Having done over USD 1.9 billion worth of transactions and amassed over 185,000 active users, this round of Series B funding is a milestone year for the company. With over 400 employees, Rain will also continue to grow its team across the Middle East region hoping to double in size by 2022.
In a joint statement, the co-founding team of Abdullah Almoaiqel, AJ Nelson, Joseph Dallago, and Yehia Badawy said: “We are very excited about this funding opportunity as it allows us to continue conversations with regulators across the MENA region, Turkey, and Pakistan about the benefits and potential of cryptocurrency. It will also support our overarching mission of providing education and access to cryptocurrency to all of our supported markets.”
The round was co-led by Paradigm and Kleiner Perkins with participation from numerous parties including Coinbase Ventures, Global Founders Capital, MEVP, Cadenza Ventures, JIMCO and CMT Digital.
While continuing to focus on regional expansion, Rain seeks to offer a safe and secure space to buy, sell and store cryptocurrencies, as well as providing regular educational opportunities for those interested in learning more about cryptocurrencies. Rain currently has subsidiaries in various jurisdictions, including Bahrain, Turkey and UAE.