A Bahrain-based cryptocurrency exchange is set to expand in the GCC, aiming to secure a full operational licence across the region by 2019.
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.
Investors in the GCC have traditionally been cautious of cryptocurrency trading due to the lack of regulations, security concerns and market volatility.
“The biggest issue in this industry is that of trust. We want our customers to feel safe when they are using our product and have taken measures to ensure this, including establishing two stable bank partnerships and incorporating banking grade security checks and verification into our product,” Rain said in a statement.
“We will provide the GCC with a digital currency exchange that meets the highest international standards in terms of pricing, product, security and regulation,” it added.
In September 2017, Rain 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.