The Rain exchange partners with Tarabut Gateway to simplify the cryptocurrency payment process
Bahrain-based cryptocurrency exchange Rain has partnered with open banking platform Tarabut Gate to enable customers to quickly and easily top up their cryptocurrency wallets.
The new partnership will allow transactions to be completed and payments made directly using users’ bank account without having to leave the Rain platform, according to Tuesday’s announcement.
The new feature will take advantage of Tarabot’s open banking solutions to facilitate faster and faster execution of cryptocurrency-to-fiat transfers, as well as reduce errors associated with traditional bank transfers.
Rain CEO Joseph Dallago said the deal “opens a new era of dependence on crypto assets in the region.” added:
“Cryptocurrency traders on the Rain platform will now be able to seamlessly fund their accounts and benefit from market movements.”
In 2019, Rain obtained a crypto-asset unit license from the Central Bank of Bahrain, becoming the first regulated cryptocurrency exchange in the Middle East.
Commenting on this regard, Tarabot Gate founder and CEO Abdullah Almoayyed said: “We are pleased to unveil our solution that aims to make converting fiat to cryptocurrency faster, more secure and cost-effective. Our partnership with Rain is a perfect synergy between the sectors, Which is made possible by Bahrain’s advanced open banking ecosystem.”
Almoayyed added that cryptocurrency trading, digital wallets and other blockchain use cases are “natural allies” to opening up traditional banking and financial services.
Open banking allows banking data such as account information, transaction history and spending patterns to be freely shared with regulated third-party providers, with the consent of the account holder.
In addition, the new service allows customers to access multiple accounts at various banks, credit card providers, and other financial services, allowing them to make instant transfers between them.
The announcement of the partnership comes as the broader cryptocurrency ecosystem is reminded of the impact traditional banking has had on it, in the wake of the collapse of three major US banks.
Silvergate Capital, a central lender to many crypto companies, announced on March 8 that it would wind down operations and liquidate its bank. Moreover, Silicon Valley Bank, also a major lender to start-ups, collapsed on March 10 after massive withdrawals occurred in the aforementioned bank. Meanwhile, Signature Bank, which also had a heavy focus on the crypto sector, was taken over by banking regulators.