We are pleased to announce the launch of Rain, the most regulated and secure cryptocurrency exchange in the Middle East.
Despite having a developed financial system and extremely tech savvy population, it is still very hard to obtain cryptocurrency in the Middle East. A combination of high fees and pricing, poor user experience, and a lack of clear regulatory standing have made it difficult for consumers and institutions alike to trade cryptocurrencies.
The Rain team was united by the belief that Bitcoin (and other cryptocurrencies) will lead to a financial system that is fast, inexpensive, and accessible to everyone. We hail from the cryptocurrency industry having spent time at Abra, BitGulf, Bitquick, Digital Cotton, Glidera, and Kraken. In order for Bitcoin and cryptocurrencies to reach mainstream adoption, the industry needs exchanges all around the world to provide access to the network. Through our research, we found many companies serving this function around the world; however, it became clear the Middle East was underserved.
Over the last two years we have spoken with regulators, banks, and built Meetup communities in the Middle East to help legitimize this new technology. After conversations with many regional regulators, it was clear to us that the Kingdom of Bahrain is the best home for an early cryptocurrency exchange in the region. We began working closely with the Central Bank of Bahrain (CBB), as well as other forward thinking institutions, such as the Economic Development Board (EDB) and Bahrain Fintech Bay (BFB). In September of 2017, we were invited to join the CBB’s regulatory sandbox. Rain was the very first cryptocurrency exchange to be admitted to the sandbox, a historic moment for the industry and one that we are very proud of.
Since our admission, Rain has been on an accelerated journey. We have secured multiple banking relationships with CBB-chartered banks, served an early cohort of customers from across the region, and built beautiful native applications (iOS, Android, web) for our customers to use.
We allow customers to buy and sell several fiat (BHD, KWD, SAR, AED, OMR, USD) and cryptocurrencies (BTC, ETH, LTC). In the near future we will be introducing Rain Desk, a specialized white-glove OTC service for family funds and institutional accounts across the Middle East. This will include custodial services.
The core of our mission is to create an internationally respected exchange in the Middle East, both in terms of security and pricing. Rain has bank grade security and is within 15–30 BIPS of the international market rate. Our transaction fee is 1.5% on our brokerage and will be 0.25% on our exchange.
Education is a key component of reaching mainstream adoption for cryptocurrencies. We have built an in-person Meetup presence in Bahrain, Saudi Arabia, Kuwait, Egypt, Jordan, Oman, and UAE focused on education. We provide a source of truth for our customers and give them comfort while navigating this new industry, whether in-person or through customer support, research desk publications, and more.
We are dedicated to Bitcoin and the industry built around cryptocurrencies. We believe this technology is going to change the world for the better, very soon. We would like to invite you to join us.
Rain will be making further announcements by 2019.