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Thursday, June 1, 2023

Tarabut Partners with Rain to Accelerate Crypto Payments

Tarabut Gateway, the MENA region’s leading open banking platform, has announced a new partnership with Rain, the region’s first regulated crypto asset trading platform.

The partnership is the company’s first with a crypto asset service provider. It will bring faster and more cost-effective fiat-to-crypto transactions to Bahraini end-users and enable payments of funds directly from users’ bank accounts without leaving Rain’s platform.

The new functionality will leverage Tarabut Gateway’s open banking payment solution to provide users with inbound and outbound (fiat-crypto-fiat) transfers, significantly increasing speed and reducing errors associated with traditional bank wire transfers. The launch of this new feature is in line with Rain’s strategy to provide the highest quality and seamless crypto wallet experience for its Mena users.

Abdulla Almoayed, founder and CEO of Tarabut Gateway, said: “We are excited to launch a solution designed to make fiat-to-crypto transfers faster, safer and more cost-effective – and make this financing Directly from the bank account.Our partnership with Rain is a perfect cross-sector synergy, made possible by Bahrain’s advanced open banking ecosystem.

“Crypto transactions, wallets, and other blockchain use cases are natural allies for open traditional banking and finance. We are proud to partner with Rain to deliver a user-centric approach to crypto services by bringing the benefits of open banking digital solutions.”

Rain CEO Joseph Dallago added: “Our partnership with Tarabut Gateway ushers in a new era of crypto asset adoption in the region. With a fast and efficient deposit mechanism, crypto traders on the Rain platform will now be able to seamlessly invest in their accounts Inject capital and capitalize on market movements. The integration with Tarabut Gateway reinforces Rain’s premium offering in the region.”

With Rain, Tarabut Gateway adds another dedicated partner to its fintech client base, further strengthening the company’s vital role in Mena’s open banking ecosystem. Tarabut Gateway provides connectivity for data and payments to flow between banks and fintech companies, providing financial services to end users – for a better consumer experience.

Through its subsidiary Rain Management WLL, a crypto asset broker and custodian licensed by the Central Bank of Bahrain (“CBB”), Rain seeks to provide its users with a safe and secure space to buy, sell and store crypto assets. The company also offers regular educational opportunities for those interested in learning more about crypto assets.

Mena’s crypto industry is growing at an incredible rate. The Middle East and North Africa region is the fastest-growing cryptocurrency market in the world, with the number of cryptocurrencies received in the region jumping 48% in the year to June 2022, according to Chainalysis. – trade arab news agency

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