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Draft:Rain

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  • Comment: Some promo language has been removed from the article since the last reject. But it has been replaced with equal amounts non-NPOV and promotional tone. The History section still looks like it endorses the founders, and the Timeline section is like a marketing review of the company's past, and an advert to use their services. The History section also has a lack of inline citations, though that did not affect this review by a lot, ~/Bunnypranav:<ping> 13:43, 28 October 2024 (UTC)
  • Comment: Reuters is a good reliable source to base your article on, but some others like Crunchbase or Bitcoin Magazine aren't. A lot of the language is too promotional, the article should strive to be neutral, something that both a member of the company and a competitor would agree is a fair description of facts. Chaotic Enby (talk · contribs) 13:36, 1 October 2024 (UTC)
Rain
Founded2016
Key peopleJoseph Dallago (CEO and co-founder),
Adam John Nelson (co-founder),
Yehia Badawy (co-founder),
Abdullah Almoaiqel (co-founder)
Websitewww.rain.com
Licensed and regulated by the Central Bank of Bahrain and Abu Dhabi Global Market's (ADGM) Financial Services Regulatory Authority (FSRA)

Rain is a cryptocurrency brokerage founded.[1] in 2017 by Abdullah Almoaiqel, AJ Nelson, Joseph Dallago, and Yehia Badawy. Rain Financial Inc. operates as the holding company for Rain Management W.L.L. in Bahrain, Rain Trading Limited in the United Arab Emirates, and Rain Yazilim ve Ticaret in Turkey. In 2019, Rain Management W.L.L. became the first crypto-asset service provider[2] in the Middle East to receive a license, which was from the Central Bank of Bahrain[3] (CBB). In 2023, Rain Trading Limited was granted a regulatory approval[4] by Abu Dhabi Global Market’s (ADGM) Financial Services Regulatory Authority (FSRA), allowing it to expand operations within the UAE[5].

The company offers cryptocurrency brokerage[6] services across ten countries in the Middle East, facilitating transactions such as buying, selling, sending, and receiving digital assets.

History

[edit]

Rain was founded in 2017 by Abdullah Almoaiqel, AJ Nelson, Joseph Dallago, and Yehia Badawy, with the aim of establishing a regulated cryptocurrency platform in the Middle East. The company entered the Central Bank of Bahrain’s (CBB) regulatory sandbox program[7] in 2017, becoming the first crypto-asset company to be accepted into the program. This initiative provided Rain the opportunity to collaborate with the CBB, working within the framework of the regulatory sandbox to align with local and Shariah standards[8]

In 2019, Rain graduated[9] from Bahrain's sandbox program, becoming the first licensed crypto-asset service provider in the Middle East under the CBB’s oversight. In 2023, Rain expanded further as Rain Trading Limited received a Financial Services Permission from Abu Dhabi Global Market’s (ADGM) Financial Services Regulatory Authority (FSRA), licensing the company to offer brokerage and custody services within the UAE.

Timeline

[edit]

2017: accepted into the Central Bank of Bahrain’s regulatory sandbox[10], becoming the first crypto-asset company[11] in the program.

2019: officially graduated as the first licensed crypto asset company[12] in the Middle East. CBB published the final crypto-asset regulatory framework.

2020: managed to close[13] USD 6M in Series A funding.

2021: launched in Turkey, the first international market outside of the Middle East. Raised[14] USD 110M in Series B funding.

2022: received in-principle approval[15] in February 2022 from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) to operate as a regulated crypto-asset service provider within the UAE.

2023: received a license[16] by the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM).

2024: initiated application for a license to operate in Turkey.

References

[edit]
  1. ^ "Economic Development Board (EDB) Bahrain". Economic Development Board (EDB) Bahrain. 4 August 2019. Retrieved 21 October 2024.
  2. ^ "Bahrain's Rain closes $2.5 million seed round, becomes first licensed cryptocurrency exchange in the Middle East". Menabytes. 31 July 2019. Retrieved 2 December 2024.
  3. ^ "Middle East's First Central Bank-Backed Crypto Exchange to Launch in 2019". Yahoo Finance. 9 October 2018. Retrieved 21 October 2024.
  4. ^ "Crypto exchange Rain to target UAE asset managers after winning licence". Reuters. 25 July 2023. Retrieved 21 October 2024.
  5. ^ "Abu Dhabi Global Market grants financial services permission to crypto exchange Rain". 25 July 2023. Retrieved 21 October 2024.
  6. ^ "Rain - The first licensed cryptocurrency exchange platform in the MENA region". YouTube. 23 January 2023. Retrieved 21 October 2024.
  7. ^ "Rain's cryptocurrency trading platform shows Bahrain's thriving tech ecosystem in action". Bahrain Economic Development Board. 25 August 2019. Retrieved 21 October 2024.
  8. ^ "Bahrain's Rain closes $2.5 million seed round, becomes first licensed cryptocurrency exchange in the Middle East". 31 July 2019. Retrieved 21 October 2024.
  9. ^ "Rain raises $2.5 million and acquires regulatory license". Retrieved 21 October 2024.
  10. ^ "Bahrain Central Bank launches regulatory sandbox for crypto startups". Magnitt. 24 February 2019. Retrieved 1 October 2024.
  11. ^ "Middle East's first licensed crypto exchange Rain is live". zawya.com. July 31, 2019. Retrieved 2 December 2024.
  12. ^ "Bahrain Central Bank Releases First Crypto Exchange to Graduate Its Regulatory Sandbox". Cointelegraph. 26 February 2019. Retrieved 1 October 2024.
  13. ^ "Bahrain Central Bank Releases First Crypto Exchange to Graduate Its Regulatory Sandbox". Cointelegraph. 26 February 2019. Retrieved 1 October 2024.
  14. ^ "Rain Financial "Rain" raises USD 110 million in Series B funding co-led by Paradigm and Kleiner Perkins". Middle East Venture Partners. 18 January 2022. Retrieved 1 October 2024.
  15. ^ "Rain receives In-Principle Approval for a Financial Services Permission from Abu Dhabi Global Market". Abu Dhabi Global Market (ADGM). 26 January 2022. Retrieved 2 December 2024.
  16. ^ "Crypto exchange Rain to target UAE asset managers after winning licence". Reuters. 25 July 2023. Retrieved 2 December 2024.
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