Rain raises $ 110 million in round of financing

Rain, a cryptocurrency specialist in Middle East, revealed that it raised $ 110 million in January 2022 during his round of series B financing. This round funding was led by Paradigm and Kleiner Perkins, with the participation of a group of companies, including Coinbase Ventures, Global Founders Capital, MEVP, Cadenza Ventures, GEMCO and CMT Digital.

Founded in 2017 by Abdullah Al-Muaiqel, AJ Nelson, Joseph Delago and Yahya Badawi, Rain is using this investment to expand its licenses in other countries and regions, develop its technologies through the use of a sophisticated platform trading and continue to grow his team as cryptocurrency adoption increases globally.

The founders of the company stated in a joint statement: “Having the funding opportunity allows us to continue discussions with regulators in Middle East, North Africa, Turkey and Pakistan the benefits and possibilities of cryptocurrencies and supports our overall mission to provide education and access to cryptocurrencies for all markets in which we are active. At our company, we believe in the importance of the long-term value of blockchain-based cryptocurrencies and its pivotal role in changing funding mechanisms globally. “

Casey Caruso, Investment Partner at Paradigm, said: “Rain is a key component of Middle Eastern market adoption of cryptocurrencies, as their focus on supporting and educating cryptocurrency novices and their strong network of relationships banking and regulation have helped create a service that customers trust.These steps represent the beginning of success for Rain and we are honored to support Rain on its growth path.

Commenting on the collaboration with Rain, Mamoun Hamid, Partner of Kleiner Perkins, said: “Rain provides quick and easy access to a new concept on the Internet. We are delighted to partner with it in its growth and expansion to serve more people. in other parts of the world, including Pakistan.

The announcement follows one of the round of MEVP Series A funding with Coinbase Ventures, in which Rain raised $ 6 million in January 2021.

After conducting deals worth over $ 1.9 billion and amassing more than 185,000 active users, the round Series B funding represents a significant turning point after a successful year.

The company also seeks to continue to grow and increase its own team of over 400 employees with the hope of doubling its size by 2022.

Rain continues to focus on regional expansion, seeking to provide a safe and reliable space for buying, selling and storing cryptocurrencies, as well as providing regular educational opportunities for those interested in increasing their knowledge of cryptocurrencies.

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