Introducing Rain: MENA’s Pioneering Licensed Cryptocurrency Exchange Platform

The Rise of Rain: Revolutionizing Cryptocurrency in the Middle East

In the ever-evolving world of cryptocurrency, Rain has emerged as a trailblazer in the Middle East. Founded by a group of passionate bitcoin enthusiasts, Rain has become the first licensed cryptocurrency exchange in the region. In this article, we sit down with Joseph Delago, the co-founder and CEO of Rain, to delve into the company’s journey, the importance of regulation, and the future of digital assets.

The Rain Story: A Journey United by Passion

Rain’s story begins with four co-founders who met online, brought together by their shared love and enthusiasm for Bitcoin and crypto. These individuals, hailing from different parts of the world, were actively involved in the cryptocurrency community and had been researching the space since 2013. In 2016, Joseph Delago and AJ, who had prior experience running tech companies in Silicon Valley, connected with Abdullah Al-Moikal from Saudi Arabia. Together, they embarked on a mission to establish an exchange based in the Gulf. After extensive conversations with regulators, Rain made significant strides by collaborating with the Central Bank of Bahrain and creating a regulatory framework called the crypto asset module. This framework, released in early 2019, paved the way for Rain to obtain its license and operate as a trusted cryptocurrency exchange.

The Role of Regulation in the Crypto Industry

Joseph Delago emphasizes the importance of regulation in the cryptocurrency industry. As a financial company, Rain values regulation as it enhances the overall quality of the company and ensures compliance. Rain actively collaborated with the Central Bank of Bahrain to advise them on the industry, resulting in the release of the crypto asset module. While regulation is crucial, Delago acknowledges that regulators are still learning about this technology. He believes that an open dialogue between companies like Rain and regulators is essential to strike a balance between regulation and innovation.

The Information Challenge: Clearing the Confusion

With the rapid growth of the cryptocurrency industry, there is an abundance of information and misinformation. Rain recognizes the need for clear and accurate information to help customers navigate the crypto space. As an exchange, Rain sees itself as an educator and guide, providing valuable insights and guiding customers in their crypto journey. By educating customers about the projects they invest in and clarifying any misconceptions, Rain aims to reduce confusion and promote informed decision-making.

Unlocking Investment Opportunities with Rain

Rain offers a range of investment opportunities for those interested in cryptocurrencies. As a user-friendly brokerage platform, Rain allows customers to easily buy and sell over 70 different coins. By streamlining the onboarding process, Rain provides a simple and accessible way for individuals to enter the world of crypto. Once users own cryptocurrencies, they gain access to a broader financial system where they can make payments, take out crypto-backed loans, and send global payments. Rain believes in the potential of cryptocurrencies and continues to explore and innovate within this exciting ecosystem.

The Global Crypto Landscape: The UAE’s Role

The crypto landscape has expanded rapidly, with every major city now having an active crypto community. In this global context, the UAE is poised to become a major cryptocurrency hub. The region has made significant strides in regulation, with the Central Bank of Bahrain, Abu Dhabi Global Markets, and the Dubai World Trade Center releasing frameworks to support the growth of the crypto industry. The UAE’s proactive approach to regulation positions it as a leader in the space, attracting businesses and investors from around the world.

Rain’s Vision: Steadfast Commitment to Accessibility and Legitimacy

Despite the challenges posed by the global pandemic, Rain’s vision remains unchanged. The company is committed to providing a trusted, reputable, and user-friendly platform for individuals in the Middle East and North Africa to access and store cryptocurrencies. Rain aims to work closely with regulators in the region to legitimize the crypto space and operate within their borders. By continuing to educate customers and promote the benefits of cryptocurrencies, Rain strives to be at the forefront of the industry’s evolution.

The Evolution of Digital Assets: A Promising Future

Joseph Delago believes that we are still in the early stages of the digital asset revolution. While there is already a solid level of adoption, the true potential of cryptocurrencies will be realized when a significant portion of the world’s population holds and actively uses crypto. As more people embrace cryptocurrencies, they will unlock the unique benefits and capabilities of this global financial system. The 24/7 nature of crypto transactions, the ability to interact with anyone globally, and the resilience of cryptocurrencies during financial crises make this new system truly unique. The future holds exciting possibilities as the crypto ecosystem continues to evolve and innovate.

The Risk and Rewards of Cryptocurrencies

Like any new technology, cryptocurrencies come with a certain level of risk. However, Joseph Delago asserts that certain cryptocurrencies, such as Bitcoin and ethereum, have been largely de-risked due to their massive global adoption and active developer communities. These established protocols are considered stable and resilient. While the wider crypto ecosystem may carry more risk, Delago recommends that individuals hold at least 5% of their portfolio in cryptocurrencies, particularly Bitcoin and Ethereum. The potential for growth and the unique benefits of this asset class make it a valuable addition to any investment portfolio.

Frequently Asked Questions

1. Is Rain the first licensed cryptocurrency exchange in the Middle East?

Yes, Rain is the first licensed cryptocurrency exchange in the Middle East. It obtained its license from the Central Bank of Bahrain in mid-2019 and has been operating since then.

2. How does Rain contribute to educating customers about cryptocurrencies?

Rain sees itself as an educator and guide for individuals venturing into the world of cryptocurrencies. The company provides valuable insights, clarifies misconceptions, and ensures customers understand the projects they invest in. By offering a user-friendly platform and streamlining the onboarding process, Rain aims to make cryptocurrency accessible to all.

3. What investment opportunities does Rain provide?

Rain offers a simple and easy-to-use brokerage platform where users can buy and sell over 70 different cryptocurrencies. Once individuals own cryptocurrencies, they gain access to a wider financial system, including the ability to make payments, take out crypto-backed loans, and send global payments.

4. How does the UAE fit into the global crypto landscape?

The UAE is well-positioned to become a major global cryptocurrency hub. With proactive regulation from the Central Bank of Bahrain, Abu Dhabi Global Markets, and the Dubai World Trade Center, the region is attracting businesses and investors from around the world. The UAE’s commitment to regulating the crypto industry positions it as a leader in the space.

5. What is Rain’s vision for the future?

Rain’s vision remains steadfast in providing a trusted, reputable, and easy-to-use platform for individuals in the Middle East and North Africa to access and store cryptocurrencies. The company is committed to working with regulators to legitimize the crypto space and promote its benefits. Rain aims to be at the forefront of the industry’s evolution, continuing to educate customers and drive adoption.

In conclusion, Rain’s journey as the first licensed cryptocurrency exchange in the Middle East showcases the region’s growing prominence in the global crypto landscape. With a commitment to education, accessibility, and legitimacy, Rain is revolutionizing the way individuals in the Middle East and North Africa engage with cryptocurrencies. As the world embraces digital assets, Rain’s vision and dedication position it as a key player in shaping the future of finance.