• Rain will soon be able to create a bank account in the United Arab Emirates (UAE).
• Last year, the company received $110 million in funding at a valuation of $500 million.

Rain, a Middle Eastern cryptocurrency exchange, announced that its Abu Dhabi branch has been granted a license to provide brokerage and custody services for virtual assets in the UAE.

Coinbase-backed Rain, located in Bahrain, has announced that its subsidiary in the Abu Dhabi Global Market financial freezone would soon provide institutional and certain retail customers in the United Arab Emirates with the capacity to buy, sell, and store virtual assets.

Major Boost for Crypto Adoption

As per Reuters, according to an interview with Rain co-founder Yehia Badawy published on Tuesday, Rain will soon be able to create a bank account in the United Arab Emirates (UAE), enabling customers in the nation to fund their own accounts while utilizing the local payment network.

He went on to say that local asset managers were apprehensive to engage with crypto businesses that lacked a domestic license but would be more comfortable doing so now that the company has secured regulatory permission.

Badawy and three others launched Rain in 2017 with funding from Kleiner Perkins and Coinbase Ventures, two prominent Silicon Valley VC firms. In a Series B investment round last year, the company received $110 million at a valuation of $500 million. The exchange said that it planned to invest the funds in regional growth.

The United Arab Emirates (UAE) has been making efforts to entice major cryptocurrency companies. Rapid popularity and growing amounts of transactions may be attributed to its acceptance of cryptocurrency payments in formerly cash-only industries, such as real estate. It has also been striving to build virtual asset regulation to attract new types of industry.

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