Bahrain authorized crypto broker Rain taps Tarabut Gateway for fiat on and off the ramp
“Through fast and efficient deposit mechanisms, crypto traders on Rain’s platform will now be able to seamlessly fund their accounts and capitalize on market movements. The integration with Tarabut Gateway cements Rain’s premium product offering in the region.”
Tarabut Gateway has partnered with Rain, a crypto-asset trading platform regulated in the MENA region, to bring faster, cost-effective fiat-to-crypto transactions to end users in Bahrain and enable payments directly from user bank accounts without the need to leave Rain’s platform.
The open bank payment solutions simplify transfers on and off (fiat-crypto-fiat) for users, increasing speed and reducing errors associated with traditional bank transfers. Rain leveraged Tarabut as part of its strategy to provide a premium and seamless crypto wallet experience for its MENA users.
“Partnership Unlocks New Era of Crypto Asset Adoption in Region”
Tarabut Gateway provides the connectivity for data and payments to flow between banks and fintechs that provide financial services to end users – for a better consumer experience.
Rain Management WLL is a licensed crypto asset broker and manager by the Central Bank of Bahrain offering users a safe and secure place to buy, sell and store crypto assets. The company also offers regular educational opportunities for those interested in learning more about crypto assets.
Abdulla Almoayed, founder and CEO of Tarabut Gateway, said: “We are pleased to unveil a solution that aims to make fiat-to-crypto transfers faster, more secure and cost-effective – as well as enabling such funding methods directly from bank accounts. Our partnership with Rain is a perfect cross-sector synergy, enabled 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. We are proud to partner with Rain to provide a user-focused approach to crypto services at to bring the benefits of open banking digital solutions.”
Joseph Dallago, CEO of Rain, added: “Our partnership with Tarabut Gateway unlocks a new era of crypto asset adoption in the region. Through fast and efficient deposit mechanisms, crypto traders on Rain’s platform will now be able to seamlessly fund their accounts and capitalize on market movements.” The integration with Tarabut Gateway cements Rain’s premium product offering in the region.”
The MENA region is the fastest growing crypto market
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% this year to June 2022.
Tarabut Gateway has offices across Bahrain, UAE and KSA. The firm went live with its API infrastructure in December 2019. One year later, the firm expanded its presence in MENA, establishing offices in Abu Dhabi and Dubai.
In April 2022, Tarabut Gateway became the first open banking platform to secure AIS (Account Information Services) and PIS (Payment Initiation Services) Category 4 licenses from the Dubai Financial Services Authority (DFSA) and has recently been selected as the preferred technology partner for the Dubai International Financial Centers Open Finance Lab Program. In July 2022 and as part of its expansion in KSA, Tarabut Gateway partnered with four leading KSA banks. In November 2022, it became one of the first fintechs to receive permission to test in SAMA’s regulatory sandbox.
