Tarabut Gateway, the MENA region’s largest open banking network, has announced a new partnership with Rain, the region’s first licensed trading platform for crypto assets. This marks the first collaboration between Tarabut Gateway and a crypto asset service provider.
The partnership will provide Rain app users in Bahrain with faster and more affordable transactions when converting fiat to cryptocurrency, with the added convenience of financing payments directly from their bank accounts on Rain’s platform, without having to navigate away from it.
Tarabut Gateway’s open banking payment solutions will facilitate customers’ fiat-crypto-fiat transfers, accelerating the process and reducing errors associated with traditional bank wire transfers.
The introduction of this feature aligns with Rain’s aim to provide its MENA users with a top-quality and streamlined crypto wallet experience. Joseph Dallago, Chief Executive Officer of Rain, stated that the “partnership with Tarabut Gateway unlocks a new era for crypto assets adoption in the region.”
Dallago noted that cryptocurrency traders on Rain’s platform would have the convenience of rapidly and effortlessly financing their accounts, enabling them to benefit from market fluctuations.
Abdulla Almoayed, founder and CEO of Tarabut Gateway, stated:
“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 believes that Bahrain’s advanced open banking ecosystem made his company’s collaboration with Rain possible, and the partnership serves as a prime example of cross-sector collaboration. He expressed satisfaction in collaborating with Rain to provide user-focused cryptocurrency services by utilizing the advantages of open banking digital solutions.
According to Chainalysis, the MENA region has witnessed a rapid expansion of its cryptocurrency industry, making it the world’s fastest-growing market for digital assets. Between June 2021 and June 2022, there was a 48% surge in the volume of cryptocurrencies received in the region.
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