Rain, a cryptocurrency exchange that is licensed by the Central Bank of Bahrain, has introduced zero per cent trading fees as digital currencies gain more acceptance among mainstream investors globally.
The zero per cent trading fees will allow users to see the price of the cryptocurrency they want to trade and know there are no further costs, the company said in a statement on Thursday.
“We believe introducing zero per cent commission trading is the fastest way to on-board millions of new customers in the Middle East that are newly interested in the crypto industry,” AJ Nelson, co-founder of Rain, said. “Rain wants to set the tone for the market.”
Cryptocurrencies have become a popular mode of investment over the past two years, partly spurred by increased digital adoption during the pandemic. It has also been driven by bored investors with time on their hands during pandemic movement restrictions and extra money to invest after a series of government stimulus packages.
About 33 per cent of UAE residents have invested in cryptocurrencies, a survey by online market research company Toluna found last week. Residents in the Emirates plan to allocate 26 per cent of their investable assets to cryptocurrency, compared with 20 per cent globally, it said.
Last month, Dubai adopted a law to regulate virtual assets, which is aimed at creating an advanced legal framework to protect investors and provide international standards for virtual asset industry governance that will promote responsible business growth in the emirate
The Virtual Asset Regulatory Authority serves as the single custodial entity mandated to licence and govern the burgeoning cryptocurrency sector in Dubai, including all mainland and free zones, but excluding the Dubai International Financial Centre.
Rain was founded in 2017 by Abdullah Almoaiqel, Mr Nelson, Joseph Dallago and Yehia Badawy. Rain Financial’s subsidiary, Bahrain-based Rain Management, became the first licensed crypto-asset service provider in the Middle East in 2019 by the Central Bank of Bahrain.
The cryptocurrency exchange is not currently licensed by a financial services regulator in the UAE, although it received in-principle approval for financial services permission from the Abu Dhabi Global Market’s Financial Services Regulatory Authority in January.
Once Rain satisfies all approval conditions and receives its permit, the company will be able to list a greater number of virtual asset pairs provided it meets the accepted virtual assets criteria set out by the ADGM’s regulatory authority.
Earlier this year, the exchange secured $110 million in Series B funding. The round was co-led by San Francisco-based cryptocurrency-focused investment company Paradigm and Silicon Valley venture capital company Kleiner Perkins. US-based Coinbase Ventures, Global Founders Capital, Middle East Venture Partners, Cadenza Ventures, Jimco and CMT Digital also participated in the round.
The company offers its customers a platform to buy and sell cryptocurrencies, as well as custodian services to hold their assets. It also provides educational opportunities for those interested in learning more about the digital tokens.
“The simplified fee structure aims to bring a new generation of investors into the Middle East and customers can feel more comfortable placing their first trade, while they build their confidence in the crypto world,” Rain said in the statement.
In 2019, the start-up raised $2.5m from BitMex Ventures and Bahraini cryptocurrency fund Blockwater.
The FinTech also raised $6m in January 2021 in a series A round of funding, led by MEVP, with participation from Coinbase Ventures.
Rain has performed more than $1.9bn worth of transactions to date and hosts more than 185,000 active users.
Coming soon
Torno Subito by Massimo Bottura
When the W Dubai – The Palm hotel opens at the end of this year, one of the highlights will be Massimo Bottura’s new restaurant, Torno Subito, which promises “to take guests on a journey back to 1960s Italy”. It is the three Michelinstarred chef’s first venture in Dubai and should be every bit as ambitious as you would expect from the man whose restaurant in Italy, Osteria Francescana, was crowned number one in this year’s list of the World’s 50 Best Restaurants.
Akira Back Dubai
Another exciting opening at the W Dubai – The Palm hotel is South Korean chef Akira Back’s new restaurant, which will continue to showcase some of the finest Asian food in the world. Back, whose Seoul restaurant, Dosa, won a Michelin star last year, describes his menu as, “an innovative Japanese cuisine prepared with a Korean accent”.
Dinner by Heston Blumenthal
The highly experimental chef, whose dishes are as much about spectacle as taste, opens his first restaurant in Dubai next year. Housed at The Royal Atlantis Resort & Residences, Dinner by Heston Blumenthal will feature contemporary twists on recipes that date back to the 1300s, including goats’ milk cheesecake. Always remember with a Blumenthal dish: nothing is quite as it seems.
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Bombshell
Director: Jay Roach
Stars: Nicole Kidman, Charlize Theron, Margot Robbie
Four out of five stars
Company profile
Name: One Good Thing
Founders: Bridgett Lau and Micheal Cooke
Based in: Dubai
Sector: e-commerce
Size: 5 employees
Stage: Looking for seed funding
Investors: Self-funded and seeking external investors
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
UAE currency: the story behind the money in your pockets
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
Company profile
Name: Fruitful Day
Founders: Marie-Christine Luijckx, Lyla Dalal AlRawi, Lindsey Fournie
Based: Dubai, UAE
Founded: 2015
Number of employees: 30
Sector: F&B
Funding so far: Dh3 million
Future funding plans: None at present
Future markets: Saudi Arabia, potentially Kuwait and other GCC countries
Killing of Qassem Suleimani
Killing of Qassem Suleimani
Killing of Qassem Suleimani
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
RESULTS
Bantamweight: Victor Nunes (BRA) beat Azizbek Satibaldiev (KYG). Round 1 KO
Featherweight: Izzeddin Farhan (JOR) beat Ozodbek Azimov (UZB). Round 1 rear naked choke
Middleweight: Zaakir Badat (RSA) beat Ercin Sirin (TUR). Round 1 triangle choke
Featherweight: Ali Alqaisi (JOR) beat Furkatbek Yokubov (UZB). Round 1 TKO
Featherweight: Abu Muslim Alikhanov (RUS) beat Atabek Abdimitalipov (KYG). Unanimous decision
Catchweight 74kg: Mirafzal Akhtamov (UZB) beat Marcos Costa (BRA). Split decision
Welterweight: Andre Fialho (POR) beat Sang Hoon-yu (KOR). Round 1 TKO
Lightweight: John Mitchell (IRE) beat Arbi Emiev (RUS). Round 2 RSC (deep cuts)
Middleweight: Gianni Melillo (ITA) beat Mohammed Karaki (LEB)
Welterweight: Handesson Ferreira (BRA) beat Amiran Gogoladze (GEO). Unanimous decision
Flyweight (Female): Carolina Jimenez (VEN) beat Lucrezia Ria (ITA), Round 1 rear naked choke
Welterweight: Daniel Skibinski (POL) beat Acoidan Duque (ESP). Round 3 TKO
Lightweight: Martun Mezhlumyan (ARM) beat Attila Korkmaz (TUR). Unanimous decision
Bantamweight: Ray Borg (USA) beat Jesse Arnett (CAN). Unanimous decision
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