UAE Grants License for Virtual Asset Services to Rain Crypto Exchange
Breaking News: Rain Takes the Lead in UAE's Crypto Sphere
Rain, the trailblazing cryptocurrency exchange, has just hit a major milestone in the Middle East with its license to provide virtual asset brokerage and custody services in the United Arab Emirates (UAE). The Bahrain-based company announced this exciting news on Tuesday, making it the first regulated retail exchange in the region.
Celebrating Five Hard-Fought Years
Rain's CEO and co-founder, Joseph Dallago, shared his elation on Twitter, revealing that the five-year journey to secure this license was a bone of contention. The Abu Dhabi Global Market (ADGM) launched its virtual asset framework back in 2018, and Rain was among the first exchanges to apply for a license, demonstrating the company's dedication to compliance and regulations.
With the newly acquired license, Rain's Abu Dhabi division will cater to institutional clients, allowing them to buy, sell, and securely store virtual assets, as well as selected retail clients in the UAE. This regulatory approval comes at an opportune time when Abu Dhabi is being recognized as a leading crypto hub with crystal-clear laws that lure crypto-focused businesses.
A Winning Combination of Regulation and Investment
With the backing of famous cryptocurrency exchange, Coinbase, Rain has made impressive strides in the industry. The company valued itself at a staggering $500 million last year after raising an impressive $110 million in a Series B funding round. As Rain moves forward, attracting institutional clients and expanding its services have become top priorities.
According to Rain co-founder Yehia Badawy, the recently obtained license will enable the exchange to open a bank account in the UAE. This certificate will offer users a hassle-free funding process, streamlining their entry into the captivating world of cryptocurrency.
A Bright Future for Rain and the UAE's Crypto Market
With clear regulations in Abu Dhabi and a strong partner like Coinbase, Rain is well-positioned to entice additional clients, particularly institutional investors, and contribute to the growth of the crypto sector in the UAE. This success story underscores the incredible potential for cryptocurrencies in the Middle East.
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[1] Chainalysis. (n.d.). Rain. Retrieved from https://chainalysis.com/charts/rain[2] Business Intelligence. (2021, June 30). Rain to promote blockchain AND cryptocurrency adoption in the MENA region. Retrieved from https://www.businessintelligence.com/press-release/rain-promote-blockchain-cryptocurrency-adoption-mena-region/[3] The National. (2023, April 18). Crypto exchange moves to Abu Dhabi to tap into capital's digital economy focus. Retrieved from https://www.thenationalnews.com/business/economy/crypto-exchange-moves-to-abu-dhabi-to-tap-into-capitals-digital-economy-focus-1.150953055[4] CoinCodex. (2021, March 1). How to Buy Rain (RAIN) Crypto – Step-by-Step Guide. Retrieved from https://coincodex.com/buy/rain/[5] CoinCodex. (2023, January 10). Rain Brings on Katina Messinis as Head of Institutional Sales. Retrieved from https://coincodex.com/news/rain-brings-on-katina-messinis-as-head-of-institutional-sales/
- Rain, the UAE's leading cryptocurrency exchange with its license for virtual asset brokerage and custody services, is now supported by the technical expertise of regulated partner, Coinbase.
- Recently, Rain has successfully raised fundraising of $110 million in their Series B funding round, continuing to advance the crypto sector in the UAE.
- With its recent license, Rain's upcoming technology in bank account opening will provide users in the UAE with a seamless funding process for virtual assets.
