Home
Cryptocurrency
Cryptocurrency News
Middle Eastern Crypto Exchange Rain Grabs License to Handle Assets in UAE

Middle Eastern Crypto Exchange Rain Grabs License to Handle Assets in UAE

Rain will also be able to open a bank account in the UAE, and allow clients in the country to fund their own accounts when using the local payment network.

By Reuters | Updated: 25 July 2023 18:00 IST

Middle Eastern Crypto Exchange Rain Grabs License to Handle Assets in UAE

Photo Credit: Reuters

Rain was founded in 2017 by Badawy and three others

Click Here to Add Gadgets360 As A Trusted Source

Highlights

Rain has its headquarters in Bahrain
It raised $110 million last year in a Series B funding round
Rain, backed by Coinbase, will be able to open a bank account in the UAE

Middle Eastern crypto exchange Rain said on Tuesday its Abu Dhabi unit obtained a license to operate a virtual assets brokerage and custody service for clients in the United Arab Emirates.

The Bahrain-headquartered Rain, backed by Coinbase, said its entity based in the Abu Dhabi Global Market financial freezone will now offer institutional clients and some retail clients in the UAE the ability to buy, sell and store virtual assets.

Rain will also be able to open a bank account in the UAE, and allow clients in the country to fund their own accounts when using the local payment network, co-founder Yehia Badawy said in an interview on Tuesday.

Gucci Plans Physical Rewards for Vault Material NFT Holders: Details

Local asset managers have been hesitant to work with crypto firms without a domestic licence, he continued, adding they will now feel more comfortable after it obtained regulatory approval.

"We can capture more demand from institutional investors using this licence," he said.

Rain was founded in 2017 by Badawy and three others, and backed by Silicon Valley venture capital firm Kleiner Perkins and Coinbase Ventures.

Vladimir Putin Signs Digital Ruble Bill, Clears Path for Russia's CBDC

It raised $110 million (roughly Rs. 900 crore) last year in a Series B funding round that valued the firm at $500 million (roughly Rs. 4,100 crore). Rain, which has units registered in Bahrain and Turkey, said it would use the proceeds for regional expansion.

The UAE has been trying to attract some of the world's biggest crypto firms. It has been quick to enable payments via cryptocurrencies in areas like real estate and school fees, spurring rates of adoption and transaction volumes.

It has also been trying to develop virtual asset regulation to attract new forms of business as economic competition heats up in the Gulf region.

XRP Leads Crypto Market After Ripple Defeats US SEC Suit

The world's largest exchange, Binance, is based in the country. Another exchange, Gemini, is expected to operate there soon.

Will the Nothing Phone 2 serve as the successor to the Phone 1, or will the two co-exist? We discuss the company's recently launched handset and more on the latest episode of Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

Affiliate links may be automatically generated - see our ethics statement for details.

Comments

Get your daily dose of tech news, reviews, and insights, in under 80 characters on Gadgets 360 Turbo. Connect with fellow tech lovers on our Forum. Follow us on X, Facebook, WhatsApp, Threads and Google News for instant updates. Catch all the action on our YouTube channel.