UAE – Mubasher: The MENA’s largest open banking platform Tarabut Gateway has teamed up with Rain, the first regulated crypto assets trading platform in the region to offer faster, cost-effective fiat-to-crypto transactions to Bahrain end-users.

The first collaboration of Tarabut Gateway with a crypto asset service provider will also enable direct funding payments from user bank accounts without having to leave Rain’s platform.

Founder and CEO of Tarabut Gateway, Abdulla Almoayed, commented: “We’re 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.”

Almoayed elaborated: “Our partnership with Rain is a perfect 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 up traditional banking and finance.”

The crypto industry across MENA is growing at a breakneck pace, as the region is currently the fastest-growing cryptocurrency market across the globe, according to Chainalysis. The volume of crypto received in MENA was seen jumping 48% in the year to June 2022.

CEO of Rain, Joseph Dallago, said: “Our partnership with Tarabut Gateway unlocks a new era for crypto assets adoption in the region. Through quick and efficient deposit mechanisms, crypto traders on Rain’s platform will now be able to seamlessly fund their accounts and capitalize on market movements.

Rain, through its subsidiary Rain Management WLL, aims to provide its users with a safe and secure space to buy, sell, and store crypto assets. Rain Management is a licensed crypto assets broker and custodian by the Central Bank of Bahrain (CBB).

In mid-2022, Tarabut Gateway was part of the first Open Finance Lab in the region which was a six-month programme initiative.

The UAE-based entity also announced four partnerships with Saudi listed banks last year to expand its business in the Kingdom.