Bahrain-based cryptocurrency exchange Rain has received regulatory approval from the Central Bank of Bahrain (CBB). The exchange launched after raising $2.5 million in a seed funding round led by BitMEX Ventures and Blockwater, a Kuwait-based cryptocurrency fund.
According to a blog post from Rain, the exchange is now the first Middle Eastern cryptocurrency company to earn a regulatory license. Rain obtained the Crypto-Asset Module (CRA) license from CBB after completing the bank’s two-year regulatory sandbox program.
“By becoming a licensed exchange, we are able to form more lasting relationships with our banking partners and payment processors,” the blog post reads. “This has led to more stable banking relationships, better pricing, lower fees, and more reliable deposit and withdrawal processes for our customers.”
Among others, cryptocurrency heavyweights such as Jimmy Song, Mike Komarnsky of Cumberland Minings and the co-founders of BRD, Aaron Lasher and Aaron Voisone, participated in the funding round.
With the new funding, Rain is expected to continue to develop infrastructure and invest in new technology, as well as expand its team.