RIYADH: Bahrain-based Rain Financial, a leading cryptocurrency company, has raised $110 million in Series B funding.
The round was co-led by Paradigm and Kleiner Perkins with participation from numerous parties including Coinbase Ventures, Global Founders Capital, MEVP, Cadenza Ventures, JIMCO and CMT Digital.
Rain will utilize this investment to further expand licensing in other countries and regions, enhancing its technology with an advanced trading platform and continuing to grow the team as cryptocurrency adoption continues to increase globally.
“We are very excited about this funding opportunity as it allows us to continue conversations with regulators across the MENA region, Turkey and Pakistan about the benefits and potential of cryptocurrency,” the co-founding team said in a joint statement.
“It will also support our overarching mission of providing education and access to cryptocurrency to all of our supported markets.”
They added: “ At Rain, we strongly believe in the long-term value of cryptocurrency and its Blockchain technology foundation to change finance globally. We are humbled to work with some of the highest quality global investors, like Paradigm, Kleiner Perkins and Coinbase Ventures, who share a unified goal of a more open and inclusive financial system.”
With over 400 employees, Rain will continue to grow its team across the region hoping to double in size by 2022.
It also seeks to provide a safe space for buying, selling and storing cryptocurrencies, and providing regular educational opportunities for those interested in learning more about them.