About Rain
Rain was founded in 2016. In 2017, it became the first crypto-asset company to enter the Central Bank of Bahrain's regulatory sandbox. In 2019, Rain obtained a crypto-asset trading license from the CBB, becoming the first licensed cryptocurrency exchange in the Middle East. In 2021, Rain raised $110 million in a Series B round led by Paradigm and Kleiner Perkins, setting a record for crypto funding in the region. In 2023, Rain received regulatory approval from the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority, allowing it to offer brokerage and custody services in the UAE, further expanding its regulated footprint. These milestones mark Rain's journey from a startup to a regional compliance pioneer.
Key progress in the past six months:
In May 2026, Rain's Dubai entity Rain MENA FZE received VARA In-Principle Approval for Exchange, Broker-Dealer and Margin Trading services, completing its GCC licensing footprint (CBB, ADGM FSRA, VARA).
On May 12, 2026, Rain became the first crypto platform in Bahrain to integrate BenefitPay, enabling instant fiat-to-virtual-asset purchases.
In June 2026, Rain launched tokenized equities with Kraken, initially including SpaceX, Tesla, Apple, NVIDIA, etc.; trade-only, with no voting rights or dividends.
Rain established a banking agreement with Standard Chartered across Bahrain and the UAE, covering segregated client accounts, fiat settlement and correspondent banking.
On September 8, 2026, Rain expanded global payments to 80+ countries and 50 currencies, allowing payments from stablecoin balances in local currencies; plans to reach 95 countries and 60+ currencies by year-end.
Future focus: complete the full VARA licence and launch margin trading in Dubai; expand global payments to 95 countries/60+ currencies; continue advancing tokenized equities and TradFi-blockchain convergence products.
Joseph Dallago (Co-founder & CEO): Prior to Rain, he founded and exited two startups, with over a decade of experience in technology and entrepreneurship.
AJ Nelson (Co-founder & Chairman): Before Rain, he worked with fintech and startup ventures including ABRA, Glidera, Pi App, and clusterFlunk, bringing experience in product development, operations, and digital asset infrastructure.
Yehia Badawy (Co-founder): Prior to Rain, he founded Digital Cotton, Egypt’s first blockchain consulting firm, and organized the Cairo Bitcoin Meetup, one of the earliest in the region.