Jump to content

Draft:Rain

From Wikipedia, the free encyclopedia
  • Comment: Reuters is a good reliable source to base your article on, but some others like Crunchbase or Bitcoin Magazine aren't. A lot of the language is too promotional, the article should strive to be neutral, something that both a member of the company and a competitor would agree is a fair description of facts. Chaotic Enby (talk · contribs) 13:36, 1 October 2024 (UTC)
Rain
Founded2016
Key peopleJoseph Dallago (CEO and co-founder),
Adam John Nelson (co-founder),
Yehia Badawy (co-founder),
Abdullah Almoaiqel (co-founder)
Websitewww.rain.com
Licensed and regulated by the Central Bank of Bahrain and Abu Dhabi Global Market's (ADGM) Financial Services Regulatory Authority (FSRA)

Rain is a cryptocurrency exchange founded.[1] in 2017 by Abdullah Almoaiqel, AJ Nelson, Joseph Dallago, and Yehia Badawy. Rain Financial Inc., the parent company, oversees Rain Management W.L.L and Rain Trading Limited. Rain Management W.L.L, based in Bahrain, became the first licensed crypto-asset service provider[2] in the Middle East in 2019 by the Central Bank of Bahrain. Rain Trading Limited, the UAE subsidiary, became fully licensed and regulated[3] in 2023 by the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM). Rain Yazilim ve Ticaret operates in Turkey, further expanding Rain's presence across the region. Rain allows trading between fiat currency, Bitcoin and other cryptocurrencies, such as USD, AED, OMN, BHD, KWT, Ethereum, Litecoin, Ripple, Bitcoin Cash, Algorand, Stellar, and USD Coin.

Rain is the first crypto asset platform[4] to receive regulatory approval in the MENA region. Rain is fully regulated and licensed in Bahrain[5] and the UAE[6] to serve ten countries across the Middle East. The platform serves as a safe space to buy, sell, send and receive cryptocurrency. Rain continues to evolve as a company and develop the technology to optimize the user experience. Rain’s mission is to bring forward a trusted and easy to use platform to all current and future customers in the cryptocurrency space across the Middle East region.

History

[edit]

Rain was founded in 2017 by Abdullah Almoaiqel, AJ Nelson, Joseph Dallago, and Yehia Badawy. Joseph and AJ are childhood friends and serial entrepreneurs who successfully exited a startup they founded in the US. They followed the Bitcoin revolution from the early days, immersed themselves in the industry, and joined leading crypto exchanges in the US. Yehia and Abdullah, also serial entrepreneurs, studied in the US and were exposed to digital currencies from the early days. Upon their return to Egypt and Saudi Arabia, they established successful startups offering blockchain and digital technology consultancies while actively growing the crypto community and creating the first crypto meetups in the Middle East.

In 2015, Joseph, AJ, Yehia, and Abdullah met online through their shared interest in cryptocurrency as a global cryptocurrency that holds value. They shared a vision to make crypto currency accessible to people in the Middle East. After a year of daily discussions, they decided to co-found Rain with a mandate to partner with regulators to create trust and bring access to financial freedom and inclusion in the broader Middle East region.

The four co-founders moved to Bahrain, where they spent two years advocating and lobbying with the Central Bank of Bahrain (CBB) and the Economic Development Board[7] to evolve policies, regulations and ecosystem to accommodate the new world of crypto. In September 2017, they were officially admitted to the CBB’s sandbox program[8] and worked together to craft the first crypto legislation and policy that is Shariah compliant[9] in the region. In July 2019, Rain successfully[10] became the first licensed crypto company in the Middle East, establishing the needed trust to unlock crypto in the region.

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).

References

[edit]
  1. ^ "Rain.com Crypto Exchange". Crunchbase.com. Crunchbase. Retrieved 1 September 2017.
  2. ^ "Bahrain crypto exchange Rain secures MidEast's first licence". arabianbusiness.com. Retrieved 31 Jul 2019.
  3. ^ "Crypto exchange Rain to target UAE asset managers after winning licence". Reuters. Retrieved 25 July 2023.
  4. ^ "Rain raises $2.5 million and acquires regulatory license". wamda.com. Retrieved 31 July 2019.
  5. ^ "Middle East's First Central Bank-Backed Crypto Exchange to Launch in 2019". Yahoo Finance.
  6. ^ "Abu Dhabi Global Market (ADGM) grants financial services permission to crypto exchange Rain". 25 July 2023. Retrieved 1 October 2024.
  7. ^ "Bahrain crypto exchange Rain secures MidEast's first licence". Economic Development Board (EDB) Bahrain. Retrieved 1 October 2024.
  8. ^ "Bahrain crypto exchange Rain secures MidEast's first licence". Economic Development Board (EDB) Bahrain. Retrieved 1 October 2024.
  9. ^ "Bahrain's Rain closes $2.5 million seed round, becomes first licensed cryptocurrency exchange in the Middle East". Menabytes. Retrieved 1 October 2024.
  10. ^ "Cryptocurrency Exchange Rain Granted License from Bahrain's Central Bank". Bitcoin Magazine. Retrieved 1 October 2024.
  11. ^ "Bahrain Central Bank launches regulatory sandbox for crypto startups". Magnitt. 24 February 2019. Retrieved 1 October 2024.
  12. ^ "Cryptocurrency Exchange Rain Granted License from Bahrain's Central Bank". Bitcoin Magazine. Retrieved 1 October 2024.
  13. ^ "Bahrain Central Bank Releases First Crypto Exchange to Graduate Its Regulatory Sandbox". Cointelegraph. 26 February 2019. Retrieved 1 October 2024.
  14. ^ "Bahrain Central Bank Releases First Crypto Exchange to Graduate Its Regulatory Sandbox". Cointelegraph. 26 February 2019. Retrieved 1 October 2024.
  15. ^ "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.
  16. ^ "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.
  17. ^ "Crypto exchange Rain to target UAE asset managers after winning licence". Reuters. 25 July 2023. Retrieved 1 October 2024.
  18. ^ https://www.adgm.com/financial-services-regulatory-authority
  19. ^ https://www.adgm.com/
This page will be placed in the following categories if it is moved to the article namespace.
Categories:
Retrieved from "https://en.wikipedia.org/w/index.php?title=Draft:Rain&oldid=1248786739"