Bittrex cryptocurrency exchange is partnering with Bahrain-based crypto exchange and custodian provider Rain Management WLL to launch a digital asset trading platform for customers in the Middle East and North Africa (MENA).
The new platform will purportedly combine Rain’s staff and expertise in the MENA region with Bittrex’s technology and security infrastructure, according to an announcement on July 31.
The platform will offer all the tokens that are currently available on Bittrex and Bittrex International. It will also offer four Bitcoin (BTC) trading pairs with local fiat currencies: the Bahraini dinar, the Kuwaiti dinar, the United Arab Emirates dirham and the Saudi riyal.
According to the announcement, this new digital asset trading platform is the first to be fully licensed in MENA. Rain purportedly took part in the regulatory sandbox of Bahrain’s central bank, which launched in February 2019.
As such, the firm operates under the so-named Crypto-Asset legal framework established by the Central Bank of Bahrain (CBB). Earlier today, Rain announced that it became the first cryptocurrency exchange in the Middle East to receive a regulatory license in the form of a Crypto-Asset Module license from the CBB.
According to the Rain executive team, their goal is to bring international standards for crypto exchanges to the Middle East; for Bittrex, CEO Bill Shihara said he believes the partnership will help drive blockchain awareness and adoption.
At press time, Bittrex’s 24-hour reported trade volume is $31.9 million, up 35.55% on the day, according to data from CoinMarketCap.
Blockchain trade solutions in MENA
As previously reported by Cointelegraph, the Dubai Chamber of Commerce and Industry (DCCI) recently signed a memorandum of understanding with the International Chamber of Commerce and the blockchain startup Perlin. The MoU reportedly grants the DCCI exclusive rights to offer certain blockchain solutions in MENA that were developed by the Centre of Future Trade. The solutions are reportedly designed to reduce trading risks and provide supply chain transparency.