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Regulated bitcoin exchange from Bahrain raised $110 million from Paradigm and others

Regulated bitcoin exchange from Bahrain raised $110 million from Paradigm and others

Bahrain-based cryptocurrency exchange Rain Financial, licensed by the local Central Bank, closed a $110 million Series B investment round led by Paradigm and Kleiner Perkins.

We are thrilled to announce our $110M in Series B funding co-lead 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

Coinbase Ventures, Global Founders Capital, MEVP, Cadenza Ventures, JIMCO and CMT Digital also provided funding.

The platform will use the funds to expand the team and improve the technical component. They also plan to expand into the Middle East and Pakistan and obtain licenses from local regulators. In addition to Bahrain, the firm is currently also represented in Turkey and the UAE.

Rain Financial's customer base has reached 185,000 active users, the press release said.

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

Recall that a year ago, Rain Financial raised $6 million from MEVP Capital and others.

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

In December, Binance received approval to operate in Bahrain.

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