Paradigm and Kleiner Perkins recently co-led a $110 Million series-B funding round. The funding was for Bahrain’s crypto exchange – Rain Financial. Paradigm and Kleiner Perkins revealed this via a press note on CoinDesk.
Rain financial plans to utilize the received funding to obtain licenses in other countries, increase hiring, and invest in technology for the platform.
Rain Financial believes that they are taking the first step towards integrating the Middle East into the crypto economy. Rain Financial is investing heavily in educating users in Bahrain on crypto assets. This is being done even while they engage with banking and financial regulators. These initiatives have helped them gain people’s trust.
Rain Financial – Plans
The funding round also saw participation from Coinbase Ventures, MEVP, CMT digital and several other investors.
This funding round was preceded a year ago by a series A round of $6 million. That round was led by MEVP. Coinbase Ventures was also a co-investor in the round.
Rain Financial was founded in 2017. In the Middle East, they are the first service providers in the crypto space. The firm has now opened subsidiaries in other countries such as Turkey and the UAE.
The firm says that the exchange now has over 185,000 users and has processed transactions valued at $1.9 billion.
Kleiner Perkins stated that they were happy to invest in Rain Financials as the firm grows its footprint even outside the middle east.
In the Middle East, Bahrain has pioneered the growth of the crypto industry. Bahrain’s central bank, in Jan 2021, gave the approval for the launch of the crypto exchange – Coin MENA. The exchange is built to comply with the stipulations of sharia, the Islamic Law.