Middle East's first central bank backed crypto exchange to launch in 2019

posted 8 months ago
Two blockchain veterans are gearing up to launch what could be the first cryptocurrency exchange in the Persian Gulf to be licensed by a central bank. Rain Financial has opened its public waiting list, after a year in the Central Bank of Bahrain's fintech sandbox. Rain aims to offer both a brokerage for retail crypto investors and an institutional platform along the lines of Coinbase Pro in Silicon Valley.

Rain participated in the Bahrain sandbox – a regulatory program where applicants experiment in a closely supervised environment before graduating to full-fledged licensed businesses – Rain expects to launch in early 2019. "What is unique about Rain is they are the most advanced and the closest to graduating... There's no cryptocurrency exchange in the region that is officially regulated. Hopefully, Rain will be the first one." Khalid Saad, CEO of Bahrain Fintech Bay, a non-profit co-working space for local startups.
Tags: blockchain, bitcoin, news