​Bahrain-based regulated bitcoin exchange raises $110M from Pa | Best Crypto Traders Official

​Bahrain-based regulated bitcoin exchange raises $110M from Paradigm and others

Bahrain-based cryptocurrency exchange Rain Financial, licensed by the local central bank, closed a $110 million Series B investment round led by Paradigm and Kleiner Perkins.

Funding was also provided by Coinbase Ventures, Global Founders Capital, MEVP, Cadenza Ventures, JIMCO, and CMT Digital.
The platform will use the funds received to expand the team and improve the technical component. Also in the plans is expansion to the countries of the Middle East and Pakistan with obtaining licenses from local regulators. Currently, in addition to Bahrain, the company is also represented in Turkey and the United Arab Emirates.
The press release states that Rain Financial's customer base has reached 185,000 active users.
Cryptocurrency exchange founded in 2017. After two years in the regulatory sandbox, Rain has been licensed by the Central Bank of Bahrain, becoming the first regulated trading platform for cryptoassets in the region.
Recall that a year ago, Rain Financial raised $6 million from MEVP Capital and others.
In the same month, another cryptocurrency exchange CoinMENA received a license from the Bank of Bahrain and a Shariah Compliance Certificate from the Shariyah Review Bureau (SRB).
In December, Binance received approval to work in Bahrain.