The Middle East might soon get its first regulated crypto exchange, thanks to this Bahraini startup

Thursday, 11 October 2018

Rain, the Bahraini cryptocurrency exchange that touts itself as the region’s first trading platform of its kind, is eying big this fall. And assuming everything goes as per plan, the company could soon make its presence felt all over the GCC.

Rain seems to keen on emerging the first regulated cryptocurrency exchange in the Middle East. Ambitious, sure! But that objective makes perfect sense for the company’s growth strategy considering that an adequate regulatory framework for operational matters could immensely enhance its credibility with first-time and borderline investors.

Abdullah Almoaiqel, AJ Nelson, Joseph Dallago, and Yehia Badawy, co-founders of Rain, recently acknowledged the significance of regulation in a statement to the media. The statement added: “We want our customers to feel safe when they are using our product and have taken measures to ensure this, including establishing two stable bank partnerships and incorporating banking grade security checks and verification into our product.”

A product of Bahrain’s regulatory sandbox, Rain, backed by famed cryptocurrency and blockchain expert Jimmy Song, is currently enrolled in Bahrain’s regulatory sandbox for FinTech startups. For the uninitiated, the Central Bank of Bahrain (CBB) unveiled the FinTech regulatory sandbox last year amidst huge expectations from all around. And judging by the overwhelmingly positive response it has received so far from the global startup community, and there’s hardly any doubt CBB’s plan worked. The sandbox is currently busy building and nurturing an ideal platform for startups to develop and test their FinTech products unhindered by regulatory obstacles.

Even though there are no less than five other crypto exchanges currently enrolled in the sandbox, Rain enjoys the privileges of an early mover and all the perks it brings along. In a significant boost to its growth campaign, the exchange recently brought Joseph Dallago onboard as the new CEO. Rain believes that Dallago previous stint with a globally popular platform such as Abra (crypto wallet) will be of great use for the company in the foreseeable future.

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