Rain Management, a cryptocurrency platform licensed by the Central Bank of Bahrain, said trading volumes grew 20-fold during the first half of 2021 to more than $1 billion for the first time.
The increase comes as retail investors pile into digital assets, encouraged by a rebound in the price of Bitcoin, the world's largest cryptocurrency.
“Expedited digital adoption in the region [in 2020] ... surely had a positive effect on our growth,” said Rain Management director Joseph Dallago on Monday.
Cryptocurrencies are not licensed by the UAE Central Bank although a number of cryptocurrency exchanges have been given permission to operate within the Abu Dhabi Global Market, the emirate's financial free zone.
The UAE dirham is the only legal tender in the country that is recognised by the Central Bank.
The Manama-based platform allows customers to buy, sell, and store cryptocurrency assets in a regulated, secure and compliant way.
It is part of Rain Financial, which is based in Delaware.
The platform was founded in 2017 by Mr Dallago and fellow Bitcoin enthusiasts Abdullah Almoaiqel, A J Nelson and Yehia Badawy.
“Crossing $1bn in trading volume is indeed a key moment for us. It reflects the incredibly positive reception our platform has had in the region,” said Mr Dallago.
Rain's user base also grew nine-fold in the first half of 2020 compared with the same period in 2019 and 19-fold in 2021, with more than 100,000 active users currently, according to the company.
Rain Management also increased its employee headcount to 105 as demand rose for its services. The FinTech had between 100-120 employees in February.
Cryptocurrencies have become more popular over the past year as the coronavirus pandemic spurs digital adoption.
Bitcoin has increased in value by more than 276 per cent over the past year and on Monday was trading at $34,822.23 at 1.27pm UAE time.
Despite the popularity of digital assets, central banks across the world have been reluctant to endorse them because of their speculative nature.
Cryptocurrencies are speculative assets that in many instances enable criminal activity and "work against the public good", the Bank for International Settlements, the global body for central banks, said in a report last week.
"It is clear that cryptocurrencies are speculative assets rather than money and, in many cases, are used to facilitate money laundering, ransomware attacks and other financial crimes," the BIS said.
Bitcoin has “few redeeming public interest attributes when also considering its wasteful energy footprint”, it said.
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MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
UAE SQUAD
Goalkeepers: Ali Khaseif, Fahad Al Dhanhani, Mohammed Al Shamsi, Adel Al Hosani
Defenders: Bandar Al Ahbabi, Shaheen Abdulrahman, Walid Abbas, Mahmoud Khamis, Mohammed Barghash, Khalifa Al Hammadi, Hassan Al Mahrami, Yousef Jaber, Salem Rashid, Mohammed Al Attas, Alhassan Saleh
Midfielders: Ali Salmeen, Abdullah Ramadan, Abdullah Al Naqbi, Majed Hassan, Yahya Nader, Ahmed Barman, Abdullah Hamad, Khalfan Mubarak, Khalil Al Hammadi, Tahnoun Al Zaabi, Harib Abdallah, Mohammed Jumah, Yahya Al Ghassani
Forwards: Fabio De Lima, Caio Canedo, Ali Saleh, Ali Mabkhout, Sebastian Tagliabue, Zayed Al Ameri
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
ICC Awards for 2021
MEN
Cricketer of the Year – Shaheen Afridi (Pakistan)
T20 Cricketer of the Year – Mohammad Rizwan (Pakistan)
ODI Cricketer of the Year – Babar Azam (Pakistan)
Test Cricketer of the Year – Joe Root (England)
WOMEN
Cricketer of the Year – Smriti Mandhana (India)
ODI Cricketer of the Year – Lizelle Lee (South Africa)
T20 Cricketer of the Year – Tammy Beaumont (England)
The specs
Engine: 6.2-litre V8
Transmission: seven-speed auto
Power: 420 bhp
Torque: 624Nm
Price: from Dh293,200
On sale: now
Mohammed bin Zayed Majlis
Alita: Battle Angel
Director: Robert Rodriguez
Stars: Rosa Salazar, Christoph Waltz, Keean Johnson
Four stars
UAE currency: the story behind the money in your pockets
About Karol Nawrocki
• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.
• A nationalist, his campaign slogan was Poland First. "Let's help others, but let's take care of our own citizens first," he said on social media in April.
• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.
• Met Donald Trump at the White House and received his backing.
The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
UAE currency: the story behind the money in your pockets
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MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
The most expensive investment mistake you will ever make
When is the best time to start saving in a pension? The answer is simple – at the earliest possible moment. The first pound, euro, dollar or dirham you invest is the most valuable, as it has so much longer to grow in value. If you start in your twenties, it could be invested for 40 years or more, which means you have decades for compound interest to work its magic.
“You get growth upon growth upon growth, followed by more growth. The earlier you start the process, the more it will all roll up,” says Chris Davies, chartered financial planner at The Fry Group in Dubai.
This table shows how much you would have in your pension at age 65, depending on when you start and how much you pay in (it assumes your investments grow 7 per cent a year after charges and you have no other savings).
Age
|
$250 a month
|
$500 a month
|
$1,000 a month
|
25
|
$640,829
|
$1,281,657
|
$2,563,315
|
35
|
$303,219
|
$606,439
|
$1,212,877
|
45
|
$131,596
|
$263,191
|
$526,382
|
55
|
$44,351
|
$88,702
|
$177,403
|
Washmen Profile
Date Started: May 2015
Founders: Rami Shaar and Jad Halaoui
Based: Dubai, UAE
Sector: Laundry
Employees: 170
Funding: about $8m
Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures