A Bahrain-based cryptocurrency exchange, Rain, supported by Bitcoin developer Jimmy Song, is seeking a full operating license in 2019 to expand its activities in GCC.
If successful, the company would be the only regulated digital currency exchange in the province. This monitoring can reassure unconvinced investors of cryptocurrency transactions, which have so far suffered from the lack of global regulation, the massive sale of high profile digital currencies, and volatile markets.
“The most vital setback in this industry is trust.” Co-Founders of Rain, Yehia Badawy, AJ Nelson, Joseph Dallago, and Abdullah Almoaiqel said in a statement.
“We want our customers to feel protected when they use our products and have taken steps to accomplish this, including establishing two stable banking alliances and incorporating audit controls and bank-level security into our product.”
Rain, whose digital platform and storage services enable the purchase, sale, and storage of digital currency in a secure environment, has been carrying out a limited number of activities since November 2017 as part of the testing plans of FinTech sandbox trial led by Central Bank of Bahrain. Rain is negotiating with the authorities to acquire a full license to strengthen its activities by next year.
FinTech has managed to grab the attention of venture capitalists and other investors around the globe, billions have been infused into startups and other companies in the segment.
FinTech investment across the globe spurred to $8.2 Billion in the Q3 of the previous year, in contrast to $6.3 Billion. This information was mentioned in “Pulse of FinTech” report by KPMG. Bahrain and UAE, who are GCC countries wish to escalate their contribution in FinTech has they have launched regulatory and legal reforms to go in-sync with a rapidly emerging sector. Investor’s in Rain comprise some of the renowned crypto players such as Capital Markets Trading, Breadwallet, JM Bullion, and Blockwater.