On Wednesday, Rain, a cryptocurrency exchange backed by BitMEX, announced that it gained a crypto coin module license from the Central Bank of Bahrain that allow them to provide crypto coin trading services in the area.

Before the crypto exchange acquired the license, the exchange worked under the central bank’s supervision for 2 years. Notably, Rain is also the first crypto exchange to gain this type of license in the region.

Crypto trading is increasingly more required in the Middle East and the news that Rain gained a license also attracted new investors. On the other hand, the exchange also got funded USD 2.5 million in a crowdfunding held by BitMEX and Blockwater.

The Chief Executive Officer of BitMEX stated that BitMex is focused on promoting crypto trading access everywhere around the world as crypto coins become more and more popular. Rain, being the first licensed crypto exchange in the Middle East, has a great potential to grow and facilitate the advancement of cryptocurrency trading in the region.

He also added that Rain with its professional team and great offering can bring change to trading in the region. The funds gained from the fundraising will be used expanding the platform and putting money into new technologies.