Rain Financial, the company behind the Rain cryptocurrency exchange, which is regulated by the Central Bank of Bahrain, has acquired $110 million in series B fundraising as digital currencies gain traction among mainstream investors around the world.
Paradigm, a cryptocurrency-focused investment firm based in San Francisco, and Kleiner Perkins, a Silicon Valley venture capital firm, lead the round.
Rain Financial was also backed by Coinbase Ventures, Global Founders Capital, Middle East Venture Partners, Cadenza Ventures, Jimco, and CMT Digital, according to the company’s announcement on Tuesday.
Rain, which was founded in 2017 by Abdullah Almoaiqel, AJ Nelson, Joseph Dallago, and Yehia Badawy, will use the funds raised to seek further licenses in the Mena region, Turkey, and Pakistan, improve its technology through an advanced trading platform, and expand its team.
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