We are trying with lawmakers to add new cryptocurrencies

The co-founder of Rain Financial, Abdullah Al-Moaqel, said that the “Rain” platform, which is licensed to hold and trade cryptocurrencies in the Middle East, has a competitive advantage as it takes regulation as a priority and works with regulators in the long term to create a distinctive service for investors, by working with banking authorities such as the Central Bank. Bahraini.

Al-Muaqil added, in an interview with Al-Arabiya, today, Sunday, that anyone in the Gulf countries can transfer money to the platform in Bahrain, whether a normal international transfer or a local transfer from Bahrain, in order to purchase digital currencies on the platform directly in an instant process.

He explained that if the investor wants to get out and sell profits and he has investments in Bitcoin, he can deposit it in the Rain platform, then withdraw it and deposit it in the bank account, and anyone in the Gulf can register directly in Rain.

The co-founder said we don’t need a license in any other country at the moment, “but we hope this will happen to better meet customer needs in the future.”

He added that most banks are working to transfer money to Bahrain, but some banks have special conditions that may not work with companies operating in this activity, and policies differ around the world.

Abdullah Al-Muaqil explained that with the growth of the field, we are trying to work with legislators to add many cryptocurrencies, but there are controls and risks for each currency and tokens, and therefore legislators are taking caution to add them to protect investors.

He continued, “We cannot disclose the currencies to be included, and there will be announcements this year to include more cryptocurrencies on the Rain platform.”

He pointed out that there are many global platforms, most of which do not meet the client’s needs, such as the Gulf client who needs to monetize large amounts of money to transfer and withdraw those funds. These platforms may not have a headquarters anywhere and have problems with legislators in many parts of the world, and therefore the client finds it difficult In the transfer and withdrawal of funds.

He explained that the current “Rain” platform is not a trading platform, but rather a broker for brokerage and exchange of digital currencies, and therefore the fees may be higher, but at a fixed price, while the fees are reduced on interpersonal trading requests, and with the introduction of the new trading platform, the fees will be 75% less than the current fees.

He pointed out that “Ren” plans from recent financing to expanding geographically and also expanding products, and recently launched a platform for the Turkish market.

Cryptocurrency exchange Rain, licensed by the Central Bank of Bahrain, has raised $110 million in a funding round co-led by Paradigm and Kleiner Perkins.

The platform is one of the first to be licensed to hold and trade cryptocurrency in the Middle East, as it seeks to expand in North Africa, Turkey and Pakistan in the coming years.

He said that the group currently has 420 employees and the number of accounts has reached 150,000, and the value of purchases and sales on the platform last year exceeded $1.7 billion.

Abdullah Al-Moaqel confirmed that there is no intention currently for the public offering, but it may happen in the future.