Rain
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| Founded | 2016 |
|---|---|
| Key people | Joseph Dallago (CEO and co-founder), Adam John Nelson (co-founder), Yehia Badawy (co-founder), Abdullah Almoaiqel (co-founder) |
| Website | www |
| Licensed and regulated by the Central Bank of Bahrain and Abu Dhabi Global Market's (ADGM) Financial Services Regulatory Authority (FSRA) | |
Founded[1] in 2017, Rain was established by Abdullah Almoaiqel, AJ Nelson, Joseph Dallago, and Yehia Badawy, Rain Financial Inc. serves as the parent company, overseeing Rain Management W.L.L. in Bahrain, Rain Trading Limited in the United Arab Emirates (UAE), and Rain Yazilim ve Ticaret in Turkey. Rain Management W.L.L. became the first licensed crypto-asset service provider[2] in the Middle East in 2019 under the regulation of the Central Bank of Bahrain[3] (CBB). Rain Trading Limited received full regulatory approval[4] from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) in 2023, strengthening its operations in the UAE[5].
Rain operates as a cryptocurrency brokerage[6], providing services across ten countries in the Middle East. It offers users a simple platform to buy, sell, send, and receive cryptocurrency. The company’s mission is to offer a trusted, easy-to-use platform, supporting customers across the region through secure and regulated services.
History[edit]
Rain was founded in 2017 by Abdullah Almoaiqel, AJ Nelson, Joseph Dallago, and Yehia Badawy. The four co-founders, coming from entrepreneurial and blockchain backgrounds, shared a vision of making cryptocurrency accessible in the Middle East. Joseph and AJ, childhood friends from the U.S., had previously co-founded and exited a startup. Both were early adopters of Bitcoin and gained industry experience working at U.S.-based crypto exchanges. Meanwhile, Yehia and Abdullah returned to Egypt and Saudi Arabia after studying in the U.S., and founded blockchain consultancy startups and built local crypto communities through initiating the first crypto meetups in the region.
In 2015, the four met online through a shared passion for cryptocurrency and began discussing the potential of digital assets to promote financial access across the Middle East. Their ongoing conversations over the course of a year culminated in the decision to co-found Rain. With a commitment to regulatory compliance, they aimed to create a platform that would offer users a safe and accessible way to engage with cryptocurrency, while working closely with regulators to foster trust and establish industry standards.
The founders moved to Bahrain to engage directly with the Central Bank of Bahrain (CBB) and the Economic Development Board[7]. Their efforts resulted in Rain’s acceptance into the CBB’s regulatory sandbox[8] in 2017, making it the first crypto asset company to participate in the program. Over the next two years, Rain collaborated with the CBB, providing input to help shape the region’s first crypto-asset regulations that aligned with local compliance requirements, including Shariah principles[9].
In 2019, Rain successfully completed[10] the sandbox program, becoming the first licensed crypto-asset service provider in the Middle East. This milestone laid the foundation for the company’s regional growth and established its reputation as a trusted, regulated platform.
On July 25, 2023, Rain Trading Limited (Rain ADGM) was granted a Financial Services Permission (FSP) by Abu Dhabi Global Market’s (ADGM) Financial Services Regulatory Authority (FSRA). With the FSP, Rain is now licensed to offer brokerage and custody services in the UAE, including seamless AED fiat-to-virtual asset on-ramps.
Timeline[edit]
2017: Invited into the Central Bank of Bahrain regulatory sandbox[11], becoming the first crypto asset company[12] to be accepted.
2018: Obtained third-party review and fulfilled all requirements of the CBB sandbox. Contributed feedback to the CBB draft regulations.
2019: Officially graduated as the first licensed crypto asset company[13] in the Middle East. CBB published the final crypto-asset regulatory framework.
2020: Successfully closed USD 6M in Series A funding.[14] Exceeded USD 100M in cumulative trading volume in the second half of the year.
2021: Exceeded USD 1B in trading volume during the first half of the year. Launched in Turkey, the first international market outside of the Middle East. Raised USD 110M in Series B funding[15]
2022: Received in-principle approval[16] in February 2022 from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) to operate in the United Arab Emirates.
2023: Fully licensed and regulated[17] by the Financial Services Regulatory Authority[18] (FSRA) of Abu Dhabi Global Market[19] (ADGM).
2024: Rain is currently in the application process for a license to operate in Turkey.
References[edit]
- ↑ "Economic Development Board (EDB) Bahrain". Economic Development Board (EDB) Bahrain. Retrieved 21 October 2024.
- ↑ "Bahrain's Rain closes $2.5 million seed round, becomes first licensed cryptocurrency exchange in the Middle East". Menabytes. 31 July 2019. Retrieved 21 October 2024.
- ↑ "Middle East's First Central Bank-Backed Crypto Exchange to Launch in 2019". Yahoo Finance. 9 October 2018. Retrieved 21 October 2024.
- ↑ "Crypto exchange Rain to target UAE asset managers after winning licence". Reuters. 25 July 2023. Retrieved 21 October 2024.
- ↑ "Abu Dhabi Global Market grants financial services permission to crypto exchange Rain". 25 July 2023. Retrieved 21 October 2024.
- ↑ "Rain - The first licensed cryptocurrency exchange platform in the MENA region". YouTube. 23 January 2023. Retrieved 21 October 2024.
- ↑ "Bahrain crypto exchange Rain secures MidEast's first licence". 4 August 2019. Retrieved 21 October 2024.
- ↑ "Rain's cryptocurrency trading platform shows Bahrain's thriving tech ecosystem in action". Bahrain Economic Development Board. Retrieved 21 October 2024.
- ↑ "Bahrain's Rain closes $2.5 million seed round, becomes first licensed cryptocurrency exchange in the Middle East". 31 July 2019. Retrieved 21 October 2024.
- ↑ "Rain raises $2.5 million and acquires regulatory license". Retrieved 21 October 2024.
- ↑ "Bahrain Central Bank launches regulatory sandbox for crypto startups". Magnitt. 24 February 2019. Retrieved 1 October 2024.
- ↑ "Cryptocurrency Exchange Rain Granted License from Bahrain's Central Bank". Bitcoin Magazine. August 2019. Retrieved 1 October 2024.
- ↑ "Bahrain Central Bank Releases First Crypto Exchange to Graduate Its Regulatory Sandbox". Cointelegraph. 26 February 2019. Retrieved 1 October 2024.
- ↑ "Bahrain Central Bank Releases First Crypto Exchange to Graduate Its Regulatory Sandbox". Cointelegraph. 26 February 2019. Retrieved 1 October 2024.
- ↑ "Rain Financial "Rain" raises USD 110 million in Series B funding co-led by Paradigm and Kleiner Perkins". Middle East Venture Partners. 18 January 2022. Retrieved 1 October 2024.
- ↑ "Rain receives In-Principle Approval for a Financial Services Permission from Abu Dhabi Global Market". Abu Dhabi Global Market (ADGM). 1 January 2022. Retrieved 1 October 2024.
- ↑ "Crypto exchange Rain to target UAE asset managers after winning licence". Reuters. 25 July 2023. Retrieved 1 October 2024.
- ↑ "Financial Services Regulatory Authority". Financial Services Regulatory Authority. Retrieved 21 October 2024.
- ↑ "Financial Centre of Abu Dhabi". Abu Dhabi Global Market (ADGM). Retrieved 21 October 2024.
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