Services loan firm Rain Financial aims to afford two things and bring it in the Persian Gulf, like Coinbase Pro in Silicon Valley, the firm revealed to CoinDesk Tuesday, October 9.
The first Central Bank-back crypto exchange in the Middle East has reportedly opened its public waiting list after a year in the Central Bank of Bahrain’s fintech sandbox. Rain Financial Co-Founders Abdullah Almoaiqel and Yehia Badawy, along with business partners AJ Nelson and Joseph Dallago, leads the firm towards its target of offering a brokerage for both retail crypto investors and an institutional platform.
According to CoinDesk, Rain was the first to join the Bahrain sandbox — “which is a regulatory program where applicants experiment in a closely supervised environment before graduating to full-pledged licensed business” — in September 2017 and looks forward to launch in the first quarter of 2019.
Khalid Saad, CEO of Bahrain Fintech Bay, a not for profit co-working space for local startups, explained to CoinDesk:
What is unique about Rain is they are the most advanced and the closest to graduating.There’s no cryptocurrency exchange in the region that is officially regulated. Hopefully, Rain will be the first one.
Cryptocurrency could likely encourage new capital flows into the crypto ecosystem from a land rich in natural resources such as oil and gas. In its present condition, only a number of Persian Gulf residents officially participate in the cryptocurrency markets, partially due to fear of the sector’s murky reputation.
Badawy noted that investors curious in cryptocurrency are just waiting “for the right regulations to be in place and the right partners.” And luckily, he added that they are about to fill this demand, with institutional-grade infrastructure.
The startup has intrigued crypto veterans including Cumberland Mining Founder Mike Komaransky, Bitcoin Core Developer Jimmy Song, and BRD crypto wallet Co-Founder Aaron Lasher, all of whom have invested in the Bahrain-based firm. In addition, crypto wallet Abra alumnus Joseph Dallago will reportedly be its CEO.
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