Bahrain-based digital currency exchange Rain has announced the launch of its public waiting list, ahead of its official launch in the GCC next year.
The platform will allow people to buy, sell, and store digital currency and when it goes live it will be the “first” licenced digital currency exchange in the Middle East, a statement said.
Rain was founded in 2016 by four entrepreneurs – Yehia Badawy, Abdullah Almoaiqel, AJ Nelson and Joseph Dallago.
It is backed by investors from the cryptocurrency industry including Breadwallet (BRD), Blockwater, JMBullion, CMT – Capital Markets Trading and bitcoin developer Jimmy Song.
Rain is also working closely with Bahrain Fintech Bay and the Economic Development Board, and has also established partnerships with regulated banks.
In a joint statement, the company’s founders said: “Rain will provide the GCC with a digital currency exchange that meets the highest international standards in terms of pricing, product, security and regulation.
“The biggest issue in this industry is that of trust – we want our customers to feel safe when they are using our product and we have taken several measures, including having established two stable bank partnerships and incorporating banking grade security checks and verification into our product, to ensure this.
“Critical to providing security is regulation. We have a long standing relationship with the Central Bank of Bahrain (CBB), who we regard as frontrunners in this market and a financial hub in the GCC.”
In June, Palmex, a cryptocurrency exchange launched by Dubai-based blockchain startup ArabianChain Technology, became the first in the MENA region to receive a regulatory sandbox licence.
A regulatory sandbox is a framework and process that regulates the development of the fintech industry.
Palmex received the licence from the Central Bank of Bahrain, following a “rigorous application process” that verified its security systems, policies, processes and controls to protect customers, a statement said.
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