INTELLIGENT MOBILE TECHNOLOGY
Tarabut Gateway partners with Bahrain approved Rain to boost MENA crypto payments
T arabut Gateway , an open banking platform in the MENA region , announced its new partnership with Rain , the first regulated crypto assets trading platform in the region . This partnership will allow Rain customers in Bahrain to quickly and easily top-up their crypto wallets via bank transfer through the Rain application .
The partnership is the company ’ s first collaboration with a crypto asset service provider . It will bring about faster , cost-effective fiatto-crypto transactions to Bahrain end-users and enable funding payments directly from user bank accounts without the need to leave Rain ’ s platform .
MENA ’ s crypto sector is growing at a rapid pace . According to Chainalysis , the MENA region is the world ’ s fastest-growing cryptocurrency market , with the volume of crypto received in the region jumping 48 % in the year to June 2022 .
The new feature will utilise Tarabut Gateway ’ s open banking payment solutions to facilitate on and off-ramp , fiat-crypto-fiat transfers for users , dramatically increasing speed and reducing errors associated with traditional bank wire transfers . The introduction of this new feature is in line with Rain ’ s strategy to provide the most premium and seamless crypto wallet experience for its MENA users .
The partnership with Rain is a cross-sector synergy , made possible by Bahrain ’ s advanced open banking ecosystem . Crypto trading , wallets , and other blockchain use cases are natural allies in opening traditional banking and finance . Through quick and efficient deposit mechanisms , crypto traders on Rain ’ s platform will be able
According to Chainalysis , the MENA region is the world ’ s fastest-growing cryptocurrency market , with the volume of crypto received in the region jumping 48 % in the year to June 2022 .
to fund their accounts and capitalise on market movements . The integration with Tarabut Gateway cements Rain ’ s premium product offering in the region .
With Rain , Tarabut Gateway has added another dedicated partner to its fintech client base , further strengthening the company ’ s vital role in MENA ’ s open banking ecosystem . Tarabut Gateway provides the connectivity for data and payments to flow between banks and fintechs offering financial services to end users – for a better consumer experience .
Through its subsidiary , Rain Management , a licensed crypto assets broker and custodian by the Central Bank of Bahrain , Rain seeks to offer its users a safe and secure space to buy , sell and store crypto assets . The company also provides regular educational opportunities for those interested in learning more about crypto assets .
Abdulla Almoayed , Founder and CEO of Tarabut Gateway , said “ We are delighted to unveil a solution that aims to make fiat-to-crypto transfers quicker , more secure , and cost-effective – as well as enable such funding methods directly from bank accounts . We are proud to partner with Rain to provide a user-focused approach to crypto services by bringing the advantages of open banking digital solutions .”
Joseph Dallago , Chief Executive Officer of Rain , added “ Our partnership with Tarabut Gateway unlocks a new era for crypto assets adoption in the region .” •
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