Two major financial players have teamed up to improve crypto payments in the Middle East. They are the banking platform Tarabut Gateway and the cryptocurrency exchange Rain. Through their partnership, Rain’s customers will benefit from faster and more cost-effective fiat-crypto transactions via the banking payment set up by Tarabu Gateway.
Tarabut Gateway and Rain Want to Accelerate Crypto Adoption in the MENA Region
While in the USA crypto friendly banks capitulate, it is quite the opposite in the Middle East. On March 14, the banking platform Tarabut Gateway announced a partnership with the cryptocurrency exchange Rain to improve crypto payments in the Middle East. This is the first time that this banking platform has partnered with a crypto player.
Through this partnership, users of Rain can easily buy crypto on the app Rain using bank payment with Tarabut Gateway. Furthermore, users of Rain will be able to benefit from faster, secure and profitable fiat-to-crypto transactions.
Both companies warmly welcomed this partnership. Being able to facilitate the purchase of crypto from the bank account makes it possible to make the link between traditional finance and the blockchain, estimated Abdulla Almoayed, founder and CEO of Tarabut Gateway. That’s also what I think Joseph Dallago, General Manager of Rain. For him, the partnership with Tarabut Gateway will boost crypto adoption in the Middle East.
Our partnership with Tarabut Gateway opens a new era for the adoption of crypto-assets in the region.Joseph Dallago, CEO of Rain.
As a reminder, Tarabut Gateway is the largest regulated banking platform in the Middle East. Based in the United Arab Emirates, Saudi Arabia and Bahrain, Tarabut Gateway is working to revolutionize the financial services industry by providing a secure, fast and cheaper payment infrastructure. Tarabut Gateway has thus established links with several fintechs in the 3 countries.
For its part, Rain is a cryptocurrency exchange licensed by the Central Bank of Bahrain (“CBB”). The platform offers its users a secure space to buy, sell, and store crypto. The company also provides training on crypto.
Whether at United Arab EmiratesTo Bahrain or in Saudi Arabia, the crypto sector is growing. According to Chainalysis, the volume of crypto received in the Middle East increased by 48% from January to June 2022. Companies like Tarabut Gateway and Rain are poised to shape a booming crypto industry and, above all, to take full advantage of a booming sector in the MENA region.
I dream of a world where every citizen has total control over themselves, including their finances. I believe that Bitcoin is one of the tools that will achieve this revolution. Since 2019, I am learning about this cryptocurrency and spreading the word around.