We are happy to announce that Rain has acquired the Crypto-Asset Module (CRA) license from the Central Bank of Bahrain (CBB). Rain is the first crypto-asset brokerage to earn a regulatory license in the Middle East and joins an elite group of brokerages internationally. We are now serving customers at www.rain.bh.
In addition to the licensure, we are also pleased to announce that we have closed a seed round of $2.5MM .
Since our co-founders came together in 2016, it has always been our ambition to form a licensed crypto-asset brokerage. We recognized that the cryptocurrency space needed regulation to reach mass adoption and most importantly, keep customers safe. We further recognized that becoming a licensed financial institution was the only way to create a company that would last decades. With a focus on the region, we set out to work with regulators to create a legal framework around cryptocurrency. This achievement marks the end of a three-year long journey to become licensed by the Central Bank of Bahrain.
The Central Bank of Bahrain has put an extraordinary amount of work into releasing a comprehensive set of regulatory standards called the Crypto-Asset Module. In doing so, the CBB has joined a group of progressive regulators, which includes the Financial Conduct Authority in London (FCA) and The New York Department of Financial Services (NYDFS), to issue crypto-friendly legislation. This further demonstrates Bahrain’s dedication to being a financial hub in the region. By receiving the Crypto-Asset license, Rain has demonstrated that we comply with the module’s requirements around capital adequacy, cyber security, insurance, reporting, corporate governance, and a number of other factors that ensure that our company is prepared to serve institutional and retail customers.
By becoming a licensed brokerage, we are able to form more lasting relationships with our banking partners and payment processors. This has lead to more stable banking relationships, better pricing, lower fees, and more reliable deposit and withdrawal processes for our customers. We are very proud of this accomplishment as it leads to a more stable and safe service for cryptocurrency customers across the Middle East.
We were not alone in this pursuit. We have received an immense amount of support from the Bahraini ecosystem including the Bahrain Fintech Bay, Bahrain Development Bank, and the Economic Development Board. We are happy to represent the entire community with this achievement. We have also received support from our incredible group of investors. In particular, BitMEX (known as the world’s largest futures crypto-asset brokerage), Blockwater(Kuwait-based cryptocurrency fund), Vision Ventures, 500 Startups MENA, and Taibah Valley.
We are also backed by cryptocurrency heavyweights Jimmy Song, Mike Komarnsky (founder of Cumberland Mining), Aaron Lasher and Aaron Voisine (co-founders of BRD, formerly Breadwallet), Compound.finance, CMT Digital (worldwide commodities trading firm headquartered in Chicago), and the founding team of JMBullion (largest precious metals brokerage in the United States) as investors.
With a license secured and our initial seed capital raised, we believe that this is the foundation of a company that will last for decades. Rain will maintain focus on our mission to create a top international exchange and provide a way to buy, sell, and store cryptocurrency in a regulated, secure, and compliant way. If you are interested in helping us achieve this mission, please send us an email with a cover letter at [email protected]. We are hiring.