The first licenced crypto asset trading platform in the Mena region, Rain, has announced a cooperation with Tarabut Gateway, a prominent open banking platform.
This agreement marks the beginning of the company's first cooperation with a crypto asset service provider. Bahrain end users will benefit from quicker, more affordable fiat to cryptocurrency transactions as well as the ability to finance payments straight from user bank accounts without having to leave Rain's platform.
The new function will make use of Tarabut Gateway's open banking payment solutions to enable customers' on- and off-ramp (fiat-crypto-fiat) transfers, significantly speeding up the process and cutting down on problems usually associated with bank wire transfers. The launch of this new functionality is consistent with Rain's objective to give its Mena users the most deluxe and frictionless crypto wallet experience.
Abdulla Almoayed, Founder and CEO of Tarabut Gateway, said: “We’re delighted to unveil a solution that aims to make fiat-to-crypto transfers quicker, more secure, and cost-effective – as well as enable such funding methods directly from bank accounts. Our partnership with Rain is a perfect cross-sector synergy, made possible by Bahrain’s advanced open banking ecosystem.
“Crypto trading, wallets, and other blockchain use cases are natural allies in opening up traditional banking and finance. We are proud to partner with Rain to provide a user-focused approach to crypto services by bringing the advantages of open banking digital solutions.”
Joseph Dallago, Chief Executive Officer of Rain, added: “Our partnership with Tarabut Gateway unlocks a new era for crypto assets adoption in the region. Through quick and efficient deposit mechanisms, crypto traders on Rain’s platform will now be able to seamlessly fund their accounts and capitalize on market movements. The integration with Tarabut Gateway cements Rain’s premium product offering in the region.”
The addition of Rain to Tarabut Gateway's fintech clientele of committed partners strengthens the company's essential position in Mena's open banking ecosystem. For a better customer experience, Tarabut Gateway offers connectivity for data and payments to flow between banks and fintechs providing financial services to end customers.
Rain Management WLL, a subsidiary of Rain, aims to provide its consumers with a risk-free environment in which to purchase, sell, and store crypto assets. Rain Management WLL is a licenced crypto assets broker and custodian by the Central Bank of Bahrain ("CBB"). For individuals who are interested in learning more about crypto assets, the company also offers frequent educational opportunities.