Business

Steve Kaaru

Bittrex to launch the first regulated crypto exchange in Middle East

American cryptocurrency exchange Bittrex has partnered with Rain Management WLL to launch the first fully licensed digital asset trading platform in the Middle East and North African (MENA) region. The two announced the partnership yesterday, describing it as an effort to introduce international crypto trading standards to the MENA region.

The partnership will benefit both parties greatly. Rain, which is based in the Kingdom of Bahrain, will bring its trading expertise and extensive experience in the region. Bittrex, on the other hand, will introduce cutting edge crypto trading technology which has led to its success globally as well as tested security standards.

Rain will have access to all cryptos that are available on the Bittrex platform. This will enable it to offer the MENA region one of the largest selections of cryptos in the world. Moreover, Rain will also introduce crypto/fiat pairs with Middle Eastern currencies including the Kuwaiti dinar, the Bahraini dinar, the Saudi riyal and the United Arab Emirates dirham.

Rain has been working with regulators for close to three years now, mainly the Central Bank of Bahrain. The exchange took part in the regulator’s blockchain sandbox initiative and has been working with the CBB since 2017 to provide recommendations from the crypto industry’s perspective.

The Rain executive team expressed their excitement at the partnership in a joint statement stating, “Rain could not be more excited to establish a partnership with one of the most liquid and trusted cryptocurrency exchanges in the world, Bittrex. Together, Rain and Bittrex can help bring international standards to the MENA region in terms of pricing, fees, and selection of cryptocurrencies. Rain’s mission is to build a top cryptocurrency exchange headquartered in the Middle East, and Bittrex is now fully committed to helping us fulfill this mission.”

Rain also announced that it had raised $2.5 million in a seed round led by crypto derivatives trading platform BitMEX. The seed round also saw the participation of Kuwaiti-based Blockwater, 500 Startups and Vision Ventures.

BitMEX CEO and co-founder Arthur Hayes stated, “As the first licensed cryptocurrency exchange in the Middle East, Rain has an unprecedented opportunity to tap into the incredible potential that cryptocurrency trading will bring to the region. We believe that Rain will bring greater diversification to Middle-Eastern traders with its exchange offering and experienced team, and we are thrilled to contribute to this defining moment.”

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