Talks of Bahraini cryptocurrency exchange Rain expanding into the GCC emerged on October 10, 2018, which would make Bitcoin developer Jimmy Song’s exchange the first in the region.
Rain’s possible insertion in this area would have two main purposes: Allowing cryptocurrency to enter a new market as well as help assuage concerns that have risen due to increasing regulation.
GCC as a whole is expected to grow due to higher oil prices and government spending, which should strengthen the local economy. In turn, individuals looking to diversify their assets or are interested in investing in an entirely new class of assets will be more inclined to do so as a positive economic outlook will encourage some risk-taking.
Rain’s services, if they go online, could also encourage other countries to follow in Venezuela’s step in making a cryptocurrency backed by oil. As the Middle East is primarily wealthy because of their vast reserves of this natural resource, becoming more aware of the cryptocurrency sector through this exchange, Rain could be just what this dry region needs.
Rain originally started in November 2017 as part of the Central Bank of Bahrain’s FinTech sandbox trial:
“A safe space in which businesses can test innovative products, services, business models and delivery mechanisms without immediately incurring all the normal regulatory and financial consequences.”
Fintech related investments were $22 billion in 2015, and have only continued to grow since then. Rain’s success in the GCC region could encourage other crypto related startups to be developed within the sandbox, further supporting Bahrain as well.
Song’s exchange is an example of how further adoption can help not only Bitcoin and cryptocurrencies but also the surrounding environment in which it’s placed. If a success, Rain will not only help GCC as a whole, Bahrain, but also the world of crypto.
Source Credit: BTC manager