Regulated Bahrain-based bitcoin exchange closes $110 million Series B led by Paradigm and Kleiner Perkins

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Rain Financial, a Bahrain-based cryptocurrency exchange licensed by the local central bank, closed an $110 million Series B round. It was led by Paradigm and Kleiner Perkins.

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We are thrilled to announce our $110M in Series B funding co-led by @paradigm and @kleinerperkins to deliver an empowering crypto experience and continue our global expansion.

Read More: https://t.co/x0vZQw2ok3 pic.twitter.com/bDe85JjTFk

— Rain (@rainfinancial) January 18, 2022

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Funding was also provided by Coinbase Ventures, Global Founders Capital, MEVP, Cadenza Ventures, JIMCO and CMT Digital.

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The funds will be used to expand the team and strengthen the technical backbone. The plan also includes expansion into the Middle East and Pakistan with licenses from local regulators. Currently, besides Bahrain, the firm is also present in Turkey and the UAE.

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The client base at Rain Financial reached 185,000 active users, according to the press release.

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The cryptocurrency exchange was founded in 2017. After two years in a regulatory sandbox, Rain obtained a Bahrain Central Bank license, becoming the first regulated trading platform for crypto assets in the region.

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Earlier, Rain Financial attracted $6 million from MEVP Capital and others.

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In the same month, another cryptocurrency exchange CoinMENA received a license from the Bahrain Central Bank and a certificate of Sharia compliance from the Shariyah Review Bureau (SRB).

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In December, Binance received approval to operate in Bahrain.

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