A Saudi launches the first cryptocurrency exchange in the Middle East backed by a central bank
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Answer A Saudi launches the first cryptocurrency exchange in the Middle East backed by a central bank
Two of the advisors in the world of blockchain are preparing to launch the first platform in the Arab Gulf region licensed by a central bank.
Rain Financial revealed that it is preparing for the final steps to launch its platform, which will be licensed by the Central Bank of Bahrain. It is worth noting that Saudi advisor Abdullah Al-Moaqel co-founded Rain Financial in cooperation with the Egyptian investor “Yahya Badawy”.
Rain aims to offer its services such as buying and selling cryptocurrencies and other investment services related to the industry to individuals and institutions in a manner similar to what Coinbase Pro does.Read:The “OpenSea” platform achieves the leadership in the NFT market with a market share of more than 90%
Noting that the Central Bank of Bahrain has organized a program for five trading platforms in the world of digital currencies to obtain close supervision and follow-up before obtaining the final license. Rain was the first to join the program in September 2017, and it is expected to launch in early 2019.
It is expected that such initiatives will encourage attracting more capital to the cryptocurrency industry as it operates under a legal framework and is regulated by the Central Bank of Bahrain.
In this context, Yahya Badawy, co-founder of Rain, said: “Investors in the region are waiting for the launch of industry regulations and the right partners, and we are here to provide the infrastructure in an enterprise ecosystem.”Read:Four main reasons why the cryptocurrency “Filecoin” surged 430% in a month
Thus, the Rain platform succeeded in cooperation with the Central Bank of Bahrain to reach the appropriate regulations and regulations to launch the first trading platform in the Middle East and the Arab Gulf region.
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