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Bahrain crypto exchange, Rain, gets license to accept local currencies

Akash Girimath

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Bahrain-based crypto exchange, Rain gets license to accept local currencies to improve adoption
Source: Unsplash

The Bahrain-based crypto exchange, ‘Rain’ announced recently on Twitter that they had received a license from the Central Bank of Bahrain. This will allow the exchange to accept local currencies in and around Bahrain like Saudi Arabia, the United Arab Emirates, Kuwait, Oman, etc.

The exchange was founded in 2016 by four entrepreneurs namely – Yehia Badawy, Abdullah Almoaiqel, AJ Nelson and Joseph Dallago, and it aims to be a ‘fully Sharia-compliant exchange’. The exchange has also received regulatory approval from the Central Bank’s Sandbox and obtained Shariah-compliance certification from Shariah Review Bureau [SRB].

Back in early 2019, the exchange received a lot of support from XRP supporters as it added XRP to its list of assets.

The exchange has currently listed Bitcoin [BTC], Ethereum [ETH], Litecoin [LTC], and XRP. Fiat currencies that the exchange support include, Bahraini dinar, Saudi Riyal, United Arab Emirates dirham, Kuwaiti dinar, Omani rial and US dollar.

In addition to the above, Rain has also acquired the Crypto-Asset Module (CRA) license from the Central Bank of Bahrain and has closed a seed round of $2.5MM USD led by BitMEX and Blockwater Capital.

Akash is a full-time cryptocurrency writer and an analyst at AMBCrypto. He is an engineering graduate with an avid interest in finance and economics. Attracted to the chaos of trading, Akash has invested in BTC, ETH and XRP for educational purposes.

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