Bittrex, one of the most popular exchanges in the world, announced a new partnership with Rain Management WLL in order to launch the first licensed digital asset trading platform for users in the Middle East and North Africa. The information was released by the exchange in a blog post on July 31st.
Bittrex Signs Partnership With Rain
With this new partnership, experts at Rain will be providing their experience in the Middle East and North Africa (MENA) region in order to offer services to individuals there. Rain has also access to improved technology and security that will be helping people in this region to have access to digital assets.
As per the blog post, Rain will have access to all the cryptocurrencies that are currently available on both the Bittrex and Bittrex International platforms. In this way, MENA customers will have the possibility to deal with a large selection of digital currencies.
There will be listed some Middle Eastern currency/BTC pairs such as BHD/BTC, SAR/BTC and KWD/BTC.
It is worth pointing out that Rain has taken part in the Bahrain Central Bank’s blockchain sandbox, which allowed it to operate within the Crypto-Asset (CRA) legal framework. The Central Bank of Bahrain (CBR) is working in order to offer a clear legal framework for cryptocurrency-related companies to operate.
The Rain executive team commented in a joint statement:
“Rain could not be more excited to establish a partnership with one of the most liquid and trusted cryptocurrency exchanges in the world. Together, Rain and Bittrex can help bring international standards to the MENA region in terms of pricing, fees, and selection of cryptocurrencies.”
They went on explaining that they want to build a recognized and top cryptocurrency exchange that is headquartered in the Middle East. Bittrex CEO, Bill Shihara, said that this partnership will help increase adoption and crypto and blockchain awareness in the region and the world.
According to data provided by CoinMarketCap, Bittrex is one of the largest exchanges in the world with a trading volume of $31.91 million. The most popular trading pairs were BTC/USD, BTC/USDT and RVN/BTC accounting for almost 40% of all the trading volume at the platform.
With a larger number of exchanges offering services in many new jurisdictions, it is possible to increase awareness of digital assets around the world.
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