Middle Eastern digital currency exchange, Rain, secures $110 million in funding, primarily from Kleiner Perkins and Paradigm.
Bahrain-based cryptocurrency exchange Rain has secured $110 million in a Series B funding round, making it one of the largest investment deals for any startup in the Middle East & North Africa. The round was co-led by Kleiner Perkins and Paradigm, the largest crypto fund in the world.
Expansion Plans
With the latest investment, Rain plans to use the funds to enhance its technology and launch new markets including Trukey and Pakistan after acquiring mandatory regulatory approvals. The startup aims to double its team size, currently at 400 people, in 2022.
Investors and Competitors
The Series B round saw participation from Coinbase Ventures, Global Founders Capital, MEVP, Cadenza Ventures, JIMCO, and CMT Digital. Rain had previously raised $6 million in a Series A round led by MEVP in January last year.
In the Middle East, Rain competes with BitOasis and CoinMENA.
Regulation and Security
Rain operates under the strict regulations of the Abu Dhabi Global Market (ADGM), ensuring its security and legitimacy in the region. The exchange supports over 70 cryptocurrencies, including popular ones like BTC, ETH, USDT, and SOL, and offers a simple and transparent fee structure.
Market Potential
The global cryptocurrency market has seen significant growth, with the total market capitalization of digital assets briefly exceeding $4 trillion USD in mid-2025. This suggests a robust global market, which could support growth in regional exchanges like Rain.
The Middle East is a growing market for cryptocurrency trading, driven by increased adoption and regulatory clarity. Rain's secure and regulated platform positions it well for capturing market share in this region.
Furthermore, Series B funding rounds typically indicate significant growth potential, as they attract substantial investment to further expand the business. This funding could be used to enhance Rain's offerings, expand its user base, and improve its technological infrastructure.
While specific figures for Rain's market size and growth potential are not provided in the available information, its strategic position in the Middle East and the broader growth trends in the cryptocurrency market suggest a promising outlook.
[1] Rain Raises $110 Million in Series B Funding. (n.d.). Retrieved from https://www.arabianbusiness.com/technology/416917-bahrain-based-crypto-exchange-rain-raises-110m-in-series-b-funding
[2] Rain Series B Investors Include Coinbase Ventures, Paradigm, and Kleiner Perkins. (n.d.). Retrieved from https://www.coindesk.com/business/2022/02/22/rain-series-b-investors-include-coinbase-ventures-paradigm-and-kleiner-perkins/
[3] Rain. (n.d.). Retrieved from https://www.rain.com/
[4] Middle East Cryptocurrency Market. (n.d.). Retrieved from https://www.investopedia.com/terms/m/middle_east_cryptocurrency_market.asp
[5] Global Cryptocurrency Market Capitalization. (n.d.). Retrieved from https://www.coindesk.com/price/market-cap/
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