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As of now, the blockchain industry is like the California gold rush and as the pioneers, crypto firms Bittrex and Rain want to be the first to carve a huge slice for themselves in a new partnership.
Just recently, Rain acquired the Crypto-Asset Module (CRA) license from the Central Bank of Bahrain (CBB).
In the announcement post detailing the partnership on Medium, it was pointed out that the collaboration aims to establish a trading platform that will cater to the customers in the Middle East and North Africa (MENA). By combining their respective technologies and expertise, they want to create a major trading hub in the region.
“The partnership combines Rain’s team of trading experts with extensive experience in the MENA region and Bittrex’s cutting-edge trading technology and security. By partnering with Bittrex, Rain has access to all cryptocurrencies and digital tokens available on both the Bittrex and Bittrex International platforms, enabling it to offer MENA customers one of the largest selections of digital assets in the world,” the post reads.
This is what Bittrex CEO Bill Shihara tried to point out in a statement in the post. Along with establishing a platform where traders can conduct transactions in the region, this partnership can also increase awareness of blockchain.
“Our global partner network is key to driving blockchain awareness and adoption,” Shihara said. “Launching the first fully licensed platform in the region is an outstanding accomplishment by the Rain team and we are very proud to partner with them as they bring blockchain to an underserved marketplace with great potential. I could not think of a better way for Bittrex to enter the MENA region and continue to expand our global footprint.”
This is just the latest in a series of encouraging developments involving blockchain in the Middle East, Cointelegraph reports. A memorandum of understanding between Dubai Chamber of Commerce and Industry (DCCI), the International Chamber of Commerce, and the Perlin blockchain firm is a good example of this.
