Rain (cryptocurrency exchange)

Bitcoin exchange based in the Middle East and Turkey

RainCompany type| Private company

|

Industry| Cryptocurrency
Founded| 2016; 9 years ago (2016)
Founders| Joseph Dallago. Adam John Nelson, Yehia Badawy, Abdullah Almoaiqel
Headquarters|

Bahrain

Key people

| Joseph Dallago (CEO)[1]
Website| www.rain.com

Rain is a Middle Eastern cryptocurrency exchange company that operates through its holding company, Rain Financial Inc., which oversees Rain Management W.L.L. in Bahrain,[2] Rain Trading Limited in the United Arab Emirates, and Rain Yazilim ve Ticaret in Turkey.

In 2019, Rain Management W.L.L. became the first licensed crypto-asset service provider in the Middle East after receiving a license from the Central Bank of Bahrain (CBB).[3][2] In 2023, Rain Trading Limited received regulatory approval from Abu Dhabi Global Market’s (ADGM) Financial Services Regulatory Authority (FSRA), allowing it to expand its services in the UAE.[4]

## History

[edit]

Rain was founded in 2017 by Abdullah Almoaiqel, AJ Nelson, Joseph Dallago, and Yehia Badawy to establish a regulated cryptocurrency platform in the Middle East.[5] The company entered the Central Bank of Bahrain’s (CBB) regulatory sandbox in 2017, becoming the first crypto-asset company to be accepted into the program.[6][7] The regulatory sandbox allowed Rain to collaborate with the CBB and work within a regulatory framework while ensuring compliance with local and Shariah standards.[8]

The company raised $2.5 million in a seed funding round co-led by BitMEX Ventures and other investors in 2017.[9] In 2021, it raised $6 million in a Series A funding round led by Middle East Venture Partners.[10] In 2023, Rain Trading Limited received regulatory approval from ADGM’s FSRA, allowing it to expand operations across the UAE and target asset managers for virtual asset brokerage and custody services.[11]

In April 2022, the company introduced a zero percent trading fee structure to simplify the trading process and reduce costs for investors in the Middle East and North Africa (MENA) region.[12]

In mid-2022, Rain Financial reduced its workforce in response to a downturn in the cryptocurrency market which saw Bitcoin drop over 50% and the market shed over $2 trillion.[13] The decision was made due to challenging market conditions and a decline in digital asset prices, which affected trading volumes.[14][15] The same year, Rain was ranked #6 on Forbes' list of the 50 most-funded startups.[16]

In February 2025, the Avalanche Foundation partnered with Rain to introduce the Avalanche Card, allowing users to spend cryptocurrency at locations that accept Visa.[17] Shortly after, in March 2025, Rain raised $24.5 million in a funding round led by Norwest Venture Partners to enhance its crypto credit card offerings. As a member of Visa, Rain facilitates payments using stablecoins and other cryptocurrencies.[18]

## Hacking incident

[edit]

In April 2024, Rain experienced a security breach resulting in the loss of $16 million in cryptocurrency. The U.S. Department of Justice identified the attackers as the North Korean Lazarus Group, which gained access to Rain by using LinkedIn to contact an employee with a fake job offer. The hackers tricked the employee into downloading malware, allowing them to steal private keys and access Rain’s crypto wallets. Some of the stolen funds were traced and partially recovered.[19]

## References

[edit]

1. ^ Alkhalifa, Mohamed Rashed. "Coinbase, Kleiner Perkins Participates In Bahraini Crypto Firm Rain's $110M Funding Round". Forbes ME.
2. ^ a b "MENA's first licensed crypto service provider "Rain" raises $110 million in Series B funding". Arabian Business.
3. ^ Reporter, The Newspaper's Staff (25 September 2021). "Cryptocurrency trade platform set to launch". DAWN.COM.
4. ^ "Crypto exchange Rain to target UAE asset managers after winning licence". The Economic Times. 25 July 2023.
5. ^ Tribune, Qatar (19 January 2022). "Rain raises $110m in new funding round". Qatar Tribune.
6. ^ "Bahrain News Agency". www.bna.bh.
7. ^ Nagraj, Aarti (11 October 2018). "Bahrain's digital currency exchange Rain eyes GCC launch next year". Gulf Business.
8. ^ "First cryptocurrency exchange passes Sharia certification". www.bna.bh.
9. ^ "Bahrain on 'Rain' alert | THE DAILY TRIBUNE | KINGDOM OF BAHRAIN". DT News. 2 August 2019.
10. ^ "Bahrain crypto exchange Rain raises $6m funding". Arabian Business.
11. ^ Sayegh, Hadeel Al. "Crypto exchange Rain to target UAE asset managers after winning licence". Reuters.
12. ^ Salian, Neesha (14 April 2022). "Bahrain-based cryptocurrency platform Rain announces 0% trading fees". Gulf Business.
13. ^ "Job cuts and hiring freezes follow crypto crash as Coinbase, Bahrain's Rain 'make tough decisions'". Arabian Business.
14. ^ "Crypto exchange Rain Financial cuts jobs amid recent downturn in digital assets". Livemint.
15. ^ Parasieand, Nicolas; Bartenstein, Ben. "Coinbase-Backed Rain Cuts Jobs Amid Cryptocurrency Selloff". Bloomberg.
16. ^ Mughal, Waqar. "50 Most Funded Startups 2022". Forbes Lists.
17. ^ "The Avalanche Foundation, in partnership with Rain, announces the launch of the Avalanche Card". FXStreet. 27 February 2025.
18. ^ McGrath, Catherine. "Exclusive: Crypto card issuer Rain raises $24.5 million in round led by Norwest Venture Partners". Fortune Crypto.
19. ^ Brewster, Thomas. "How North Korean Hackers Pilfered $16 Million From A Crypto Exchange Via LinkedIn". Forbes.

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