Rain, the company that received $110 million in funding at a valuation of $500 million last year, will soon be eligible to open a bank account in the United Arab Emirates (UAE).
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Rain, a Middle Eastern cryptocurrency exchange, received a license for brokerage and custody services for virtual assets in the UAE’s Abu Dhabi branch.
Coinbase-backed Rain, based in Bahrain, revealed that its subsidiary in the Abu Dhabi Global Market financial freezone will soon offer institutional and select retail customers in the United Arab Emirates the ability to buy, sell, and store virtual assets.
Crypto Adoption Takes Off
According to Reuters, Rain co-founder Yehia Badawy stated in an interview published on Tuesday that the company will soon be able to create a bank account in the UAE. This will allow customers in the country to fund their accounts and use the local payment network.
According to him, local asset managers were hesitant to work with crypto businesses without a domestic license. However, now that Rain has obtained regulatory permission, they would be more willing to engage with the company.
Launched in 2017 by Yehia Badawy and three others, Rain received funding from Kleiner Perkins and Coinbase Ventures, both well-known Silicon Valley VC firms. In a Series B investment round last year, they raised $110 million at a valuation of $500 million. The company intends to use the funds to support regional growth.
The UAE is actively attracting major cryptocurrency companies by embracing cryptocurrency payments in cash-only sectors like real estate, leading to increased popularity and transaction volumes. Moreover, the country is actively working on virtual asset regulations to entice new industries and opportunities.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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