Rain Financial
6 known investors
Bahrain-based, Central Bank of Bahrain-licensed cryptocurrency exchange serving the Middle East and Turkey.
Also known as Rain Financial Inc. · Rain Management W.L.L. · Rain Trading Limited
Founders & leadership
Investors · 6
Also in the syndicate · 2
Company profile
researched Aug 2026Rain, operating through holding company Rain Financial Inc. and its Bahrain entity Rain Management W.L.L., is a cryptocurrency exchange serving the Middle East and Turkey. The company was created to provide a regulated venue for crypto-asset trading in the region, working within local regulatory frameworks and Shariah standards. It is a private company headquartered in Bahrain, with Joseph Dallago serving as CEO.
Rain entered the Central Bank of Bahrain's regulatory sandbox in 2017 as the first crypto-asset company accepted into the program, and in 2019 Rain Management W.L.L. became the first licensed crypto-asset service provider in the Middle East. A separate entity, Rain Trading Limited, received regulatory approval in 2023 from the Financial Services Regulatory Authority of Abu Dhabi Global Market, enabling expansion in the UAE, including virtual asset brokerage and custody services aimed at asset managers.
Founding story
According to Wikipedia, Rain was founded by Abdullah Almoaiqel, AJ (Adam Jon) Nelson, Joseph Dallago, and Yehia Badawy with the aim of establishing a regulated cryptocurrency platform in the Middle East. The article's infobox gives a founding year of 2016 while the history section states the company was founded in 2017, so the founding date is not stated consistently in the source.
Business model
Rain operates a cryptocurrency exchange platform. In April 2022 it introduced a zero percent trading fee structure intended to reduce costs for investors in the Middle East and North Africa region. Through Rain Trading Limited it also pursues virtual asset brokerage and custody services.
Traction
Sources describe regulatory milestones and funding rather than user or volume metrics. Rain raised a total of $2.5M seed (2017), $6M Series A (2021) and $110M Series B (January 2022), and was listed among Forbes' 50 most-funded startups in 2022.
Latest developments
The most recent developments reported are the 2023 ADGM FSRA approval for Rain Trading Limited to expand in the UAE and the April 2024 security breach resulting in a $16 million loss attributed to the Lazarus Group.
▸Full profile — market position, go-to-market, geography, risks & controversies
Market position
Described as the first crypto-asset company accepted into the Central Bank of Bahrain's regulatory sandbox and, in 2019, the first licensed crypto-asset service provider in the Middle East. In 2022 Rain was ranked #6 on Forbes' list of the 50 most-funded startups.
Go-to-market
Retail and institutional cryptocurrency investors in the Middle East, North Africa and Turkey; following its 2023 ADGM approval, the company also targets UAE asset managers for brokerage and custody services.
Geography
Headquartered in Bahrain, with operations covering the Middle East and Turkey and regulatory approval in 2023 to expand across the UAE via Abu Dhabi Global Market.
Risks & controversies
In mid-2022 Rain Financial reduced its workforce amid a cryptocurrency market downturn in which Bitcoin fell over 50% and the market lost more than $2 trillion in value. In April 2024 the company suffered a security breach with $16 million in cryptocurrency stolen; the U.S. Department of Justice attributed the attack to the North Korean Lazarus Group, which reportedly used a fake LinkedIn job offer to induce an employee to download malware, giving the attackers access to private keys and Rain's crypto wallets. Some stolen funds were traced and partially recovered.
Compiled by commissioned research from 8 cited public sources — announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed — not independently audited.
Timeline · 10
launches, deals, and filingsAttackers identified by the U.S. Department of Justice as the North Korean Lazarus Group accessed Rain's wallets via a fake LinkedIn job offer and malware, stealing $16 million; some funds were traced and partially recovered.
$16M source ↗
Rain Trading Limited received regulatory approval from Abu Dhabi Global Market's Financial Services Regulatory Authority, allowing expansion of virtual asset brokerage and custody services in the UAE.
Rain introduced 0% trading fees to reduce costs for investors in the MENA region.
Funding intended to support expansion across the Middle East and North Africa and to develop regulatory and operational infrastructure.
$110M source ↗
Rain Financial cut jobs in mid-2022 following a cryptocurrency market downturn.
$6M source ↗
Rain Management W.L.L. received a license from the Central Bank of Bahrain, becoming the first licensed crypto-asset service provider in the Middle East.
$2.5M source ↗
Rain entered the Central Bank of Bahrain's regulatory sandbox, becoming the first crypto-asset company accepted into the program.
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
▸Research sources · 8
primary sources listed
- Rains® | Explore Our Outerwear & Waterproof Clothingrains.com · web
8 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does Rain Financial do?
- Bahrain-based, Central Bank of Bahrain-licensed cryptocurrency exchange serving the Middle East and Turkey.
- Who founded Rain Financial?
- Rain Financial was founded by AJ Nelson, Joseph Dallago.
- Who are Rain Financial's investors?
- Rain Financial's investors include 500 Global, A'Z Angels, Paradigm, Cadenza.