Rain

What Rain does

Rain is a regulated cryptocurrency brokerage and custody platform headquartered in Manama, Bahrain, founded in 2017 by Joseph Dallago, AJ Nelson, and Yehia Badawy. It operates as a multi-jurisdictional crypto-asset service provider licensed by the Central Bank of Bahrain (Category 3, 2019), Abu Dhabi Global Market's FSRA (2023), and Dubai's VARA (2026, in-principle approval), serving retail and institutional clients across 10 countries in the Middle East and broader MENA region, with stated activity in Latin America. The platform enables buying, selling, swapping, and storing over 70 cryptocurrencies through web and native iOS/Android/Huawei applications, supported by a proprietary offline cold storage custody system with 1:1 asset backing.

The product stack includes Rain Pro (advanced trading with market/limit orders and 0.10% maker / 0.25% taker fees), the Rain OTC Desk (minimum $250K for major coins, $100K for others), and the Rain Business / Institutional Platform (weekly limits up to $100M, dedicated relationship management). The company has expanded beyond core brokerage into stablecoin card payments via Mastercard Crypto Partner Program and Visa principal membership, tokenized equities in partnership with Kraken, the decentralized Rain V2 prediction markets protocol with $100M committed liquidity, and the OpenClaw AI SDK for prediction market builders. Distribution spans direct digital channels, institutional onboarding, an affiliate program offering up to 60% revenue share, and ecosystem partnerships with Standard Chartered, Franklin Templeton, and the Mesh Alliance Program.

Rain's revenue model is transaction-fee driven across retail trading, OTC execution, institutional brokerage, and stablecoin payments infrastructure, supplemented by affiliate and referral economics. The company has raised over $338 million across three disclosed funding rounds — a $6M Series A (2020), a $110M Series B co-led by Paradigm and Kleiner Perkins (January 2022), and a $250M Series C led by ICONIQ at a $1.95 billion post-money valuation (January 2026) — with reported scale of 1.3 million customers, 4 million cumulative transactions, and $4.7 billion cumulative platform trading volume.

Name

Rain

Legal name

Rain Management W.L.L.

Website

https://rain.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Rain is a Bahrain-headquartered, multi-jurisdictionally licensed cryptocurrency brokerage and custody platform serving retail and institutional clients across 10+ MENA countries with spot trading, OTC execution, stablecoin card payments, and emerging tokenized-asset products.

Ownership category

akta.pro rank

Product category

Cryptocurrency Brokerage and Custody

akta.pro primary industry

Market Making & Liquidity Programs (Exchange-Operated) (FSADAAAI)

akta.pro secondary industries

On/Off-Ramps & Fiat Liquidity Providers for Stablecoins (FSADADAG), Liquidity Infrastructure (RFQ, order-book engines, matching, liquidity-as-a-service) (FSAPADAI)

Keywords

• Cryptocurrency brokerage
• Digital asset custody
• Stablecoin payments infrastructure
• OTC crypto trading
• Prediction markets protocol

Headquarters

HQ city

Manama

HQ country

Bahrain

HQ region

Middle East

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. Trading Fees: Rain Pro charges 0.10% maker fees and 0.25% taker fees on all trades; brokerage quoted prices include source price plus internal margin determined by Rain, generating transaction-based revenue on every executed trade.
2. OTC Desk Fees: OTC desk charges for large-volume transactions with minimum order sizes of $250,000 for major coins and $100,000 for other coins; revenue from execution, custody, liquidity management, and risk management services for institutional clients.
3. Affiliate Revenue Share Distribution (Cost): Rain allocates up to 60% of referred customer trade revenue to affiliate partners under a 12-month renewable program, structuring a customer-acquisition cost against future platform revenue.
4. Stablecoin Card Payments Infrastructure: Rain enables merchants to receive fiat currency while consumers spend stablecoins (Tether, USDC) directly from digital wallets through Mastercard-partnered stablecoin card rails — generating payment infrastructure/transaction fees.
5. Prediction Markets V2 Protocol Revenue: Decentralized prediction markets protocol with on-chain order book and AI-powered market creation, committing $100 million in liquidity split evenly between USDT and RAIN tokens; revenue from protocol fees, trading, and market creation.
6. Institutional Account Services: Dedicated relationship management, priority handling, exclusive weekly limits up to USD 100M, and OTC services for businesses generate premium institutional revenue streams beyond retail trading fees.

Pricing tiers

Go-to-market motion1 record

Distribution channels8 records

Marketing channels7 records

Core offering

Rain is a regulated cryptocurrency brokerage and custody platform that lets retail and institutional customers in the MENA region buy, sell, swap, send, receive, and store 70+ digital assets through a web platform and mobile apps. It offers fiat on/off-ramps integrated with regional banking rails, advanced order-book trading via Rain Pro (maker 0.10% / taker 0.25%), an OTC desk for large-volume institutional execution, and is expanding into stablecoin card payments on Mastercard and Visa rails plus a decentralized prediction markets protocol (Rain V2).

Product overview

Rain operates a regulated crypto-asset platform-and-modules architecture headquartered in the Kingdom of Bahrain and licensed across the GCC. The core offering is Rain Brokerage — a full-service crypto trading platform that lets retail and institutional customers buy, sell, swap, and store 70+ digital currencies — supported by the proprietary offline Rain Cold Storage System for custody. Rain Pro extends the core platform with advanced charting, market and limit orders, and order book execution routed to partner exchanges, while the Rain OTC Desk provides broker-dealer execution for large-volume trades. Institutional access is delivered through the Rain Business / Institutional Platform with priority handling, dedicated relationship managers, and weekly limits up to USD 100M. The Rain Mobile App extends the platform to iOS, Android, and Huawei, and ecosystem growth is driven by the Rain Affiliate Program (up to 60% revenue share) and Rain Referral Program (up to $20 in BTC per referral). On top of the brokerage stack, Rain offers payment-channel integrations including BenefitPay Checkout in Bahrain, Pay by Bank via Lean Technologies under the UAE Open Finance framework, and tokenized equities launched in partnership with Kraken. Rain's newer decentralized prediction markets business is delivered through the Rain V2 Protocol — featuring an on-chain order book, AI-powered market creation, and the OpenClaw AI SDK for third-party builders — supported by a $100M USDT/RAIN liquidity commitment.

Differentiator

Problem solved

Functional benefit

Brands

• Rain Pro: Rain's advanced cryptocurrency trading platform offering order book, advanced charting, limit and market orders.
• Rain OTC

Products and services

• Rain Brokerage Full-service regulated crypto trading platform for buying, selling, swapping, sending, and receiving 70+ digital currencies, with bank-grade security, cold storage custody, and 24/7 bilingual support for retail and institutional clients across MENA.
• Rain Pro

Quantifiable outcome

• 1.3 million customers served
• +7 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

AI capability7 records

Feature7 records

Partnerships

15 partnerships are on record, tiered flagship and core.

• KrakenflagshipStrategic or Co-development Partner · 1 January 2026Rain launched tokenized equities in partnership with Kraken, giving eligible Bahrain customers access to global stocks through blockchain-based assets via Rain's platform.
• BenefitPaycoreTechnology or Integration · 1 January 2026Rain became the first crypto platform in Bahrain to enable in-app Payment Checkout via BenefitPay, integrating national payment infrastructure for seamless crypto purchases.
• Lean TechnologiescoreTechnology or Integration · 1 January 2026Rain Trading Limited (Rain ADGM) partnered with Lean Technologies to become the first crypto brokerage in the UAE to go live with Pay by Bank under the Open Finance framework, enabling faster and seamless wallet top-ups via direct bank account connections.
• Virtual Assets Regulatory Authority (VARA)flagshipOthers · 1 January 2026Rain MENA FZE (Dubai entity) received In-Principle Approval from VARA for Exchange Services, Broker-Dealer Services, and Margin Trading, completing Rain's GCC regulatory licensing footprint.
• MastercardflagshipStrategic or Co-development PartnerRain joined Mastercard's Crypto Partner Program (100+ crypto-native companies) to integrate digital assets with established card rails and global commerce; subsequently integrated with Agent Pay for Machines (AP4M) enabling AI agents to authorize and settle stablecoin transactions across Mastercard's payment network with 30+ launch partners.
• VisaflagshipStrategic or Co-development PartnerRain is described as a US-based stablecoin payments infrastructure provider and Visa principal member; Rain's $250M raise expanded its active card base significantly through Visa card rails.
• GuardrailflagshipTechnology or IntegrationRain announced integration of Guardrail's security technology and team into its operations to enhance real-time protection of its products; Guardrail monitors 30+ on-chain transactions and has protected over $30 billion in customer assets, reacting to anomalies within 100 milliseconds.
• TetherflagshipStrategic or Co-development PartnerTether, Rain, and MoneyGram expanded their stablecoin game partnership to enable merchant and consumer adoption of stablecoin-based payments and remittances.
• MoneyGramflagshipStrategic or Co-development PartnerMoneyGram joined Tether and Rain in expanding the stablecoin game, leveraging Rain's stablecoin payments infrastructure for global remittance and payout use cases.
• MeshflagshipStrategic or Co-development PartnerRain partnered with Mesh as part of the Mesh Alliance Program (MAP) for unified enterprise payments across digital assets; Mesh is a crypto payments network reaching 900 million+ users globally with $200M+ total funding raised.
• Franklin TempletonflagshipStrategic or Co-development PartnerFranklin Templeton joined Rain and other partners (VanEck, Paxos, Agora, Ethena) as a founding participant of the Avalanche Payments Collective, supporting stablecoin treasury infrastructure, custody, and global payouts to 150+ countries.
• VanEckcoreStrategic or Co-development PartnerVanEck is a founding participant alongside Rain in the Avalanche Payments Collective, bringing stablecoins, treasury infrastructure, custody, and global payouts.
• PaxoscoreStrategic or Co-development PartnerPaxos is a founding participant in the Avalanche Payments Collective with Rain, supporting stablecoin treasury and global payouts infrastructure.
• AgoracoreStrategic or Co-development PartnerAgora is a founding participant in the Avalanche Payments Collective with Rain, supporting stablecoin treasury and global payouts.
• EthenacoreStrategic or Co-development PartnerEthena is a founding participant in the Avalanche Payments Collective with Rain, supporting stablecoin treasury and global payouts infrastructure.

Scale indicators12 records

Recent moves10 records

Expansion highlights7 records

Direct peers

• BitOasis: BitOasis is a MENA-focused centralized crypto exchange headquartered in the UAE, offering retail brokerage, custody, and OTC services in the same geographies and customer segments as Rain. It is the closest direct competitor in regulated MENA crypto brokerage.
• CoinMENA: CoinMENA is a Bahrain-licensed centralized crypto broker serving retail and institutional clients across the GCC with similar regulatory positioning to Rain. Both originated from the Bahrain regulatory sandbox and target overlapping MENA customer segments.

Broad incumbents

• Binance: Binance is the largest global centralized crypto exchange and offers trading, OTC, and custody across hundreds of digital assets. While not regionally specialized, it competes directly with Rain on MENA retail and institutional volume and is actively pursuing regional licenses.
• OKX: OKX is a top-tier global centralized exchange offering spot, derivatives, and OTC trading. It competes with Rain on cross-border digital asset flows and is expanding its MENA regulatory footprint.
• Bybit: Bybit is a global derivatives- and spot-focused crypto exchange with regional operations across the Middle East. It competes with Rain for retail and high-volume trader activity in the same geographies.
• Crypto.com: Crypto.com is a global crypto exchange and card issuer with regulated entities in multiple jurisdictions. Its card and payments products overlap directly with Rain's stablecoin card and Mastercard/Visa rails strategy.
• Kraken: Kraken is a US-headquartered centralized crypto exchange that is a strategic partner of Rain (tokenized equities launch). It is a broader global incumbent that overlaps with Rain on advanced trading, custody, and institutional services.
• Coinbase: Coinbase is the largest US-regulated crypto exchange and an investor in Rain (Coinbase Ventures, Series B). It is a broad incumbent with overlapping institutional custody, brokerage, and staking products that compete for the same institutional counterparties.

Emerging players

• Yellow Card: Yellow Card is an emerging-market-focused crypto on/off-ramp and brokerage operating across Africa with growing Latin America presence. It is comparable to Rain in serving under-banked emerging markets with regulated local fiat rails.
• Paxos: Paxos is a regulated blockchain infrastructure platform issuing stablecoins and providing custody and tokenization services. It is comparable to Rain as a co-participant in the Avalanche Payments Collective and as a regulated stablecoin and custody infrastructure peer.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/rain
• Facebookfacebook.com/rainfinancial
• LinkedInlinkedin.com/company/rainfinancial

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries3 records

Funding overview

Funding rounds8 records

Investors18 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Rain