Although the financial markets of the Middle East region have highly developed financial systems and tech-literate populations obtaining cryptocurrency in the region remains difficult. A combination of high fees and pricing, poor user experience, and a lack of clear regulatory standing have made it difficult for consumers and institutions alike, to trade cryptocurrencies.
The Rain team, united by the belief that cryptocurrencies will lead to a financial system that is fast, inexpensive, and accessible to everyone, believe the Middle East was underserved.
Rain’s core mission is to create an internationally respected exchange in the Middle East, from the perspective of both security and pricing and so has bank-grade security and is within 15–30 BIPS of the international market rate. The Rain team consider education as a key component of reaching mainstream adoption for cryptocurrencies and has built an in-person ‘meet-up’ presence across the region to meet this need as a trusted source, providing customers comfort and support whilst navigating this new industry.
Believing that the Kingdom of Bahrain was the best home for an start-up crypto-asset brokerage for the region, working closely with the Central Bank of Bahrain and other institutions, Rain has been on an accelerated journey. Today, Rain’s native applications (iOS, Android, web) enable their customers to buy and sell several fiat and cryptocurrencies.
Bahrain-headquartered crypto asset trading platform Rain Management was founded in 2017 by Abdullah Almoaiqel, A. J. Nelson, Joseph Dallago, and Yehia Badawy, Rain Financial provides a regulated way for its customers to buy, sell and store bitcoin and other crypto assets.
It is a subsidiary of Rain Financial Inc, which is registered with the US Securities and Exchange Commission and licensed by the Central Bank of Bahrain as a crypto asset brokerage. Rain Management received a category 3 crypto asset service provider license from the Central Bank of Bahrain in 2019.
Aiming to focus on its engineering team – building institutional-grade infrastructure to accept local currencies in Bahrain, Saudi Arabia, the United Arab Emirates, Kuwait and Oman – and working with diverse regulators across the region, the co-founders are seeking to realize their vision of mainstream adoption of crypto-assets in Middle Eastern markets.
A graduate of the University of Iowa and serial entrepreneur, having founded several successful tech start-ups, Joseph Dallago is Co-Founder and CEO of Rain, an innovative and secure trading platform, created in the belief that cryptocurrencies will lead to a financial system that is fast, inexpensive, and accessible to everyone.
JIMCO Technology Fund recently caught-up with Joseph to hear about his vision to build the infrastructure for an Internet of money through cryptocurrency and the Rain team’s vision for mainstream adoption of crypto-assets across the Middle East.
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