Tarabut Gateway and Rain Accelerate Fiat-Crypto Transactions in Bahrain

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Tarabut Gateway, an open banking platform in the Middle East and North Africa (MENA), has partnered with Rain, a Bahrain-based regulated crypto asset trading platform.

Tarabut Gateway’s first collaboration with a crypto asset service provider will deliver faster and cost-effective fiat-to-crypto transactions to end users in Bahrain. It also plans to enable funding payments directly from users’ bank accounts without having to leave the Rains platform.

The new feature will use Tarabut Gateways open banking payment solutions to facilitate on- and off-ramp (fiat-crypto-fiat) transfers for users. This aims to both increase speed and reduce errors associated with traditional bank transfers. The introduction of this new feature is also in line with Rains’ strategy to provide a seamless crypto wallet experience to its users in the MENA region.

Tarabut Gateway explained that adding Rain as another partner to its fintech clientele strengthens its role in the MENA region’s open banking ecosystem.

With Rain, Tarabut Gateway has added another partner dedicated to its fintech client base, further strengthening the company’s vital role in the MENA region’s open banking ecosystem. Tarabut Gateway provides connectivity for data and payments to flow between banks and fintechs offering financial services to end users – for a better customer experience.

“Perfect intersectoral synergy”

Abdulla Almoayed, Founder and CEO of Tarabut Gateway, explained what the partnership aims to achieve. Almoayed commented, “We are excited to unveil a solution that aims to make fiat-to-crypto transfers faster, safer, and more cost-effective, as well as enabling these methods of funding directly from bank accounts.

“Our partnership with Rain is a perfect cross-industry synergy, made possible by Bahrain’s advanced open banking ecosystem. Crypto trading, wallets, and other blockchain use cases are natural allies for opening up traditional banking and finance. We are proud to partner with Rain to provide a user-centric approach to crypto services by bringing the benefits of open banking digital solutions.

Joseph Dallago, chief executive of Rain, also spoke about the partnership. Dallago said, “Our partnership with Tarabut Gateway ushers in a new era for the adoption of crypto assets in the region. With fast and efficient deposit mechanisms, crypto traders on the Rains platform will now be able to fund their accounts seamlessly and capitalize on market movements. Integration with Tarabut Gateway cements Rains’ premium product offering in the region.

Through its subsidiary, Rain Management WLL, a licensed broker and custodian of crypto assets by the Central Bank of Bahrain, Rain seeks to provide its users with a 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.

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