Rain operates under the Central Bank of Bahrain’s (CBB) fintech sandbox for start-ups.
Bahrain-based Rain, a cryptocurrency exchange has announced that it aims to secure a full operational licence in 2019 to expand its operations in the GCC.
If the company is successful in obtaining operation licence across GCC, it will be the first regulated digital currency exchange in the region. The move that can comfort to investors wary of cryptocurrency trading, which has been beset by lack of global regulation, recent high-profile heists of digital coins and market volatility.
In a statement, Yehia Badawy, Abdullah Almoaiqel as well as AJ Nelson and Joseph Dallago, Rain’s co-founders, said that the biggest issue in this industry is that of trust.
Rain’s digital platform and custodian services allow people to buy, sell and store digital currency in a secure environment. The cryptocurrency firm has operated a limited set of activities since November 2017 as part of the CBB’s fintech sandbox trial, which intends to support start-ups in the sector.
Rain is in talks with authorities to win a full licence to scale up its operations next year, reported The National.