Khobar-based Vision Ventures has announced investment in Bahraini crypto exchange Rain. The investment is part of an ongoing seven-figure (US Dollar) seed round that Rain is expected to close within the next few weeks, the startup told MENAbytes.
Founded in 2017 by Abdullah Almoaiqel, Yehia Badawy, Joseph Dallago and AJ Nelson, Rain is currently available as a private beta. Along with few other crypto exchanges, Rain is currently part of Central Bank of Bahrain’s regulatory sandbox and hopes to receive a full license across GCC later this year.
The startup is working closely Central Bank of Bahrain, Economic Development Board and Bahrain Fintech Bay since its admission in the regulatory sandbox. Rain’s web-based platform and native apps for iOS and Android are currently serving an early group of customers.
Abdullah Almoaiqel, the co-founder of Rain, commenting on the occasion, told MENAbytes, “Vision VC and Kais are a great partner and mentor, they are known for their role in bringing the internet into our region and we are happy to have them as a partner to bring cryptocurrency in the middle east”
Kais Al Essa, Founding Partner of Vision Ventures, speaking to MENAbytes, said, “We’re very excited to start 2019 with our investment in Rain. They have a strong team and a full functional trading platform that’s way ahead of what’s available in the region.