BitMEX Ventures invests in Bahrain-based licensed crypto exchange Rain

The Block • July 31, 2019, 7:55AM EDT
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BitMEX Ventures, the investment arm of cryptocurrency derivatives trading platform BitMEX, has invested in Bahrain-based licensed cryptocurrency exchange Rain, which went live today.

Rain has raised $2.5 million in a seed funding round co-led by BitMEX Ventures and Kuwait-based cryptocurrency fund, Blockwater. Bitcoin developer Jimmy Song and Mike Komarnsky, founder of Cumberland Mining, also participated in the round, among others. With the seed investment, the exchange plans to grow its team and invest in new technology.

The Central Bank of Bahrain has issued the Crypto-Asset Module license to Rain, which claims to be the first firm in the Middle East to receive the license. Rain recently graduated from the central bank’s regulatory sandbox program, having worked within it for the past two years.

BitMEX co-founder and CEO, Arthur Hayes, said: “We believe that Rain will bring greater diversification to Middle-Eastern traders with its exchange offering.”

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Yogita Khatri profile picture Yogita Khatri

Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

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