Rain Crypto Exchange Receives Regulatory License from UAE Authorities
Rain Exchange, a Bitcoin trading venue headquartered in Bahrain, has obtained regulatory approval from United Arab Emirates (UAE) authorities. This approval will allow Rain to offer crypto trading and storage services to retail and institutional clients in the UAE. The exchange will also be able to open a bank account in the region and provide customers with crypto-fiat exchange services. Rain, backed by Coinbase Ventures and Kleiner Perkins, saw its valuation soar to $500 million after a successful Series B funding round. With the presence of favorable digital assets rules, the UAE has become an attractive destination for web3 firms, including Gemini, OKX, and Binance.
Main Breakdowns:
- Rain Exchange, a Bitcoin trading venue, has obtained regulatory approval from UAE authorities.
- This approval allows Rain to offer crypto trading and storage services in the UAE.
- Rain will also be able to open a bank account in the region and provide crypto-fiat exchange services.
- The exchange, backed by Coinbase Ventures and Kleiner Perkins, saw a valuation of $500 million after a successful funding round.
- The UAE has become a hotbed for web3 firms, attracting notable companies such as Gemini, OKX, and Binance.
Hot Take
The regulatory license granted to Rain Crypto Exchange in the UAE is a significant development for the crypto industry in the region. With this approval, Rain will be able to cater to both retail and institutional clients, offering a range of crypto services. The favorable digital assets rules in the UAE have attracted various web3 firms, establishing the country as a hub for crypto innovation. The increasing presence of reputable exchanges like Rain, Gemini, OKX, and Binance will contribute to the growth and adoption of cryptocurrencies in the UAE and the broader Middle East region.
By
By
By
By