U.S. based cryptocurrency exchange firm, Bittrex, has announced an official partnership with Rain Management WLL, a crypto exchange and custodian firm based in Bahrain for the launch of a new trading platform focused on the Middle Eastern and North African (MENA) community. The official announcement states that both parties will combine Bittrex’s innovative technological and security solutions with the trading expertise and experience Rain Management WLL already has in the region.
The new platform will further offer all the digital assets currently available to be traded on both Bittrex and Bittrex International, giving the MENA community access to some the world’s most popular and traded assets. It will also offer new trading pairs to the community in their respective fiat currencies. These include the Saudi Riyal, the Kuwaiti Dinar, the Bahraini Dinar and the Dirham from the United Arab Emirates.
Breaking New Grounds
The announcement also makes it clear that this is the first time a trading platform for digital currencies will secure full operational license in MENA. Back in December 2018, as part of efforts for a regulatory sandbox in Bahrain, the country’s central bank issued draft proposals which sought to license and regulate all digital asset platforms and Rain Management was a full part of the process.
Today, the company is now a part of the official Crypto-Asset legal structure initiated and controlled by the country’s central bank. Rain hopes to ensure that all international practices and standards for crypto exchanges are also applicable in the Middle East and the entire MENA region.