A new crypto trading platform backed by a central bank is preparing to launch in 2019 in Bahrain, which could help unleash the investment potential of the Middle East into the crypto ecosystem. The cryptocurrency exchange in question, Rain Financial, has been one of several exchanges working with Bahrain in their fintech sandbox for over a year.
According to the CEO Khalid Saad, they will likely be the first to launch officially. This announcement follows news of a number of growing developments in the Middle East, including an exchange launched in Dubai. Rain Financial, once launched, will have the distinction of being licensed by the Central Bank of Bahrain. The acceptance of crypto means that the country has proved itself to be the most friendly towards crypto developments.
We are pleased to announce the launch of Rain, the most regulated and secure digital currency exchange in the Middle East.https://t.co/l3u8HvSAY4
— Rain (@rainfinancial) October 9, 2018
Rain is expected to launch in early 2019. Though there will be five other cryptocurrency exchanges involved with the Bahrain sandbox. A regulatory program will be in place where candidates experiment in a carefully supervised environment before progressing to full-fledged licensed businesses.
Rain has hired Joseph Dallago, a graduate of the crypto wallet startup Abra, to be its first CEO. Besides, foremost people who all have invested in the Bahrain-based startup by the impending of this principally untapped market, crypto experts are Cumberland Mining founder Mike Komaransky, Bitcoin Core developer Jimmy Song and BRD crypto wallet co-founder Aaron Lasher, as stated in CoinDesk.
The local crypto sector is moving forward towards developing in the region, interested by the number of people with wealth tied to resources like oil, Turkey recently saw a spike in crypto trading volume following monetary collapse, and representatives of the government of Israel, including Netenyahu, having come out in favor of cryptocurrency and blockchain.
As per Chepicap, if the Middle East can connect the capability to trade cryptocurrency exchanges with the many oil and gold-rich investor pool, the region could rapidly become a huge part of the crypto trading ecosystem. If Rain Financial gets accepted, it could be the first in a position to do that effectively.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]