Coinbase-backed Rain secures crypto license in UAE
Rain crypto exchange has secured a regulatory license from United Arab Emirates (UAE) authorities. Rain Exchange, a Bitcoin (BTC) trading venue headquartered in Bahrain, has secured regulatory approval from UAE authorities to operate its digital assets brokerage and custody platform. According to a July 25 report by Reuters, the approval will make it possible for the Coinbase Ventures- backed Rain to offer crypto trading and storage services for retail and institutional clients in the UAE. The exchange will also be able to open a bank account in the region and offer customers crypto -fiat exchange services. Founded during the crypto summer of 2017, Rain is backed by Coinbase Ventures and Kleiner Perkins. The exchange’s valuation skyrocketed to $500 million following a successful Series B round that raised $110 million in 2022. UAE attracting web3 firms The United States has been quite reluctant to formulate clear-cut and amenable crypto laws to foster the growth of innov...