Center Jap crypto trade Rain raises $110 million led by Kleiner Perkins and Paradigm 

Bahrain-headquartered cryptocurrency trade Rain has raised $110 million in a Collection B spherical co-led by Kleiner Perkins and Paradigm (the biggest crypto fund on the planet based by Coinbase co-founder Fred Ehrsam and former Sequoia Capital associate Matt Huang). It’s the first Center East funding for each the corporations. The spherical is among the largest funding offers for any startup within the Center East & North Africa. It additionally consists of participation of Coinbase Ventures, World Founders Capital, MEVP, Cadenza Ventures, JIMCO and CMT Digital. Rain had beforehand raised $6 million in a Collection A led by MEVP in January final yr. Its earlier traders additionally embody Coinbase, JIMCO, and Saudi’s Imaginative and prescient Ventures.

Based in 2017 by Abdullah Almoaiqel, AJ Nelson, Joseph Dallago, and Yehia Badawy, Rain runs a crypto trade in several Center Jap markets (together with Bahrain, Saudi, Oman, Kuwait, and UAE), enabling customers there to purchase and promote Bitcoin, Ethereum, Litecoin, XRP, Tether, and some others. The startup claims to have 185,000 customers who and processed over $1.9 billion price of transactions so far. It at the moment employs a staff of 400 individuals and plans to double the dimensions in 2022.

Along with increasing the staff, Rain plans to make use of the most recent funding to reinforce its tech and launch new markets together with Trukey and Pakistan after buying necessary regulatory approvals.

“We’re very enthusiastic about this funding alternative because it permits us to proceed conversations with regulators throughout the MENA area, Turkey, and Pakistan about the advantages and potential of cryptocurrency. It’ll additionally assist our overarching mission of offering schooling and entry to cryptocurrency to all of our supported markets,” stated the co-founding staff in a press release.

Casey Caruso, investing associate at Paradigm stated, “We imagine Rain is a vital piece of the puzzle for bringing the Center East deeper into the brand new crypto financial system. Their emphasis on supporting and educating these new to crypto alongside sturdy banking and regulatory relationships has helped them construct a service individuals belief. That is just the start for Rain, and we’re honored to assist their development.”

Mamoon Hamid, Associate at Kleiner Perkins, stated, “Rain offers basic entry and an on-ramp to a brand new paradigm of the Web. We’re excited to associate with Rain as they develop and increase to serve individuals in additional areas world wide, together with Pakistan.”

Rain’s major opponents within the Center East embody BitOasis which was the primary notable crypto trade to come back out of the area, and CoinMENA.

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