- Tarabut Gateway joins hands with Rain to offer a superior crypto wallet experience to MENA users.
- This collaboration is intended to bring fast, cost-effective fiat-to-crypto transactions.
- Tarabut Gateway raised $25 million in 2021.
According to a press release, Tarabut Gateway, the largest open banking platform in the Middle East and North Africa, publicizes its new collaboration with Rain, the first regulated crypto asset trading platform in the MENA region.
The company announced this team-up on March 14, 2023, on its official website in a press release. According to the statement, this partnership is the first partnership of Tarabut Gateway, which offers crypto assets services.
This collaboration aims to bring fast, cost-effective fiat-to-crypto transactions to end-users in Bahrain and will be able to make payments directly from user bank accounts without the need to leave the RAIN platform.
Tarabut Gateway will provide a seamless crypto wallet experience
As mentioned in the report, The new facility will utilize Tarabut Gateway’s open banking payment solutions. To facilitate on- and off-ramp (fiat-crypto-fiat) transfers for users. Dramatically increasing the speed and decreasing issues connected with traditional bank wire transfers. The launch of this new feature is in line with Rain’s scheme to offer the most superior and seamless crypto wallet experience to its MENA region users.
Notably, Tarabut Gateway delivers connectivity for data and payment flows between FinTechs and banks providing financial services to end users.
Talking on the team-up with Rain, Abdulla Almoayed, the Chief Technology Officer and Founder of Tarabut Gateway mentioned they are pleased to disclose a solution. Focusing on making fiat-to-crypto transfers faster. More safe and secure and cost-effective – as well as enabling such funding procedures directly from bank accounts.
He added further in his statement, “ Our partnership with Rain is a perfect cross-sector synergy. To make it 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.
Mr. Almoayed is also proud to join hands with Rain to come up with a user-focused point of view. On digital assets service by putting forward the benefits of open banking digital solutions.
Rain Superior Crypto Wallet
Rain is the first regulated digital assets trading platform in the MENA region. It offers its users to buy and sell several types of cryptocurrencies, such as Bitcoin and Ethereum.
Regarding the partnership, Joseph Dallago, Chief Executive Officer of Rain, said partnering with Tarabut Gateway unbolt is a new time for digital assets in the MENA region.
Moving ahead, he added, “Crypto traders on Rain’s platform will now be able to seamlessly fund their accounts. Capitalize on market movements through efficient deposit mechanisms.”
According to reports, in the year 2021, Tarabut Gateway raised $25 million in its Seed round as well as Series A funding round. Tiger Global, an investment vehicle from the Dubai International Fintech Fund and Dubai’s International Financial Centre, supported the funding.