The Series B investment will be channelled into geographical expansion, upgrading the platfrom's tech and onboarding more team members.
Rain, a Bahrain-based cryptocurrency exchange platform, has raised $110 million in a Series B funding round co-led by Paradigm and Kleiner Perkins, with participation from several parties such as Coinbase Ventures, CMT Digital, Cadenza Ventures and Global Founders Capital. Rain plans to use this investment to expand to other regions, upgrade its technology with a more advanced trading platform, and double its team of over 400 employees.
“We are very excited about this funding opportunity as it allows us to continue conversations with regulators across the MENA region, Turkey, and Pakistan about the benefits and potential of cryptocurrency," the co-founding team behind Rain said in a joint statement. "It will also support our overarching mission of providing education and access to cryptocurrency to all of our supported markets.”
This investment follows a Series A funding round led by MEVP with participation from Coinbase Ventures, which raised $6 million for Rain in January 2021. Since it was founded in 2017, Rain has completed over $1.9 billion worth of transactions across 185,000 active users - milestones that could explain the greater confidence investors appear to place in Rain, as well as the viability of cryptocurrency across the Middle East and beyond.