ADVERTISEMENT

First cryptocurrency exchange gets a license in the middle-east

ADVERTISEMENT

Must Read

Bitcoin rises to $8,000 as Britain reaches a Brexit deal – Bitcoin News

Today marks a historic day as the European Union, and Britain reached a Brexit deal. Many experts and analysts...

BTC.com and Antpool co-discover the same block – Bitcoin Mining News

Bitcoin network initiated a rare event where two highly competitive pools co-discovered the same block. In the end, one...

Infamous Darknet website that sold credit cards gets hacked – Dark Web News

BrainsClub, a well known Darknet website, got a taste of its medicine as a hacker, stole the information from...
Avatar
Saloni Sheelwant
Hi, I'm Saloni Sheelwant and I like to read and write about life and its experiences. The world is full of magic and beauty which is now combined with vast forces of technology. I love to research and write about the new startups and technologies thriving into the lives of this generation at a very fast pace.

The Central Bank of Bahrain (CBB) has issued the Crypto-Asset Module (CAM) license to Rain, a Bahrain based crypto exchange firm, making it the first licensed crypto exchange in the Middle East.

Rain, founded by Yehia Badawy, Abdullah Almoaiqel, AJ Nelson and Joseph Dallago, allows its users to sell, buy, and store the virtual currencies, including Bitcoin, Ripple, Litecoin, and Ethereum. Users in Bahrain, United Arab Emirates, Saudi Arabia, Kuwait, and Oman were able to buy the currencies through their debit or credit cards, with the use of their bank accounts. It was processed with the help of mobile applications or websites.

Post building contact with the CBB no sooner did the firm’s members reach the senior team of the regulator in a colloquium on cryptocurrency than they became the first exchange for enrolling the CBB’s Regulatory Sandbox Program.

Rain has closed a base funding round of USD 2.5MM co-led by BitMEX ventures. According to the reports, 1.5% of the transaction amount is charged a fee by the firm on purchases through banks. 4% fee is charged on the transactions through debit or credit cards.

Rain worked with CBB for the last two years and suggested various outlooks of the industry sector. Where exchanges are facing obstacles in attaining a license, Rain succeeded in gaining a green flag and marking its territory above others.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

Leave a reply

Please enter your comment!
Please enter your name here

Latest News

Bitcoin rises to $8,000 as Britain reaches a Brexit deal – Bitcoin News

Today marks a historic day as the European Union, and Britain reached a Brexit deal. Many experts and analysts...

More Articles Like This