• Rain will quickly be capable to open a checking account within the United Arab Emirates (UAE).
• Final 12 months, the corporate obtained $110 million in funding at a $500 million valuation.

Center East cryptocurrency change Rain has introduced that its Abu Dhabi department has obtained a license to supply cryptocurrency brokerage and custody companies within the UAE.

Bahrain-based Coinbase-backed Rain has introduced that its Abu Dhabi International Markets Monetary Free Zone subsidiary will quickly provide institutional and choose particular person shoppers within the United Arab Emirates the flexibility to purchase, promote and retailer digital belongings.

Vital promotion of cryptocurrency adoption

In line with an interview with Rain co-founder Yehia Badawi revealed Tuesday, Rain will quickly be capable to open financial institution accounts within the United Arab Emirates (UAE), permitting home clients to deposit funds into their accounts utilizing native fee networks, in response to Reuters.

He went on to say that native asset managers have been nervous about getting concerned with a cryptocurrency enterprise with no home license, however now that they’ve secured regulatory approval they need to be capable to commerce with peace of thoughts.

Badawy and three others launched Rain in 2017 with funding from two distinguished Silicon Valley VC corporations, Kleiner Perkins and Coinbase Ventures. In final 12 months’s Sequence B funding spherical, the corporate obtained $110 million at a $500 million valuation. The change stated it plans to take a position the cash in regional development.

The United Arab Emirates (UAE) is attempting to draw large cryptocurrency corporations. The speedy improve in reputation and transaction quantity will be attributed to the acceptance of cryptocurrency funds in beforehand cash-only industries akin to actual property. We now have additionally labored to construct digital asset laws to draw new forms of industries.

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