Rain, one of the leading cryptocurrency exchanges in the Middle East, now allows its users in the United Arab Emirates to buy crypto using their debit or credit card, it announced in a statement on Friday.
The company that’s licensed by Abu Dhabi Global Market’s Financial Services Authority previously only offered regular bank account transfers as a payment method for funding Rain accounts with AED.
The bank deposits in the UAE were also launched less than six moths ago after the firm obtained the license to operate a virtual assets exchange in the UAE.
“This new feature simplifies purchasing virtual assets, ensuring a secure and user-friendly experience. Compliant with the Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM), it underscores our position as the leading platform for virtual asset trading in the region,” noted a statement by the Bahrain-headquartered firm.
Benjamin Grolimund, the General Manager for Rain UAE, said, “The introduction of card payments is a significant step in our effort to facilitate easier access to virtual assets for our clients. After launching the first instant bank transfers in the UAE in 2023, this is another step towards real-time access to virtual assets for our customers.”
Rain raised $116 million in a Series B in early 2022 in one of the largest rounds for a fintech in the Middle East & North Africa. The round that valued the crypto exchange at $500 million was led by Kleiner Perkins and Paradigm, with participation from Coinbase Ventures, Global Founders Capital, MEVP, and a few other investors.
