Cryptocurrency trade platform set to launch

Published September 25, 2021
Representations of virtual currency Bitcoin are seen in this picture illustration. — Reuters/File
Representations of virtual currency Bitcoin are seen in this picture illustration. — Reuters/File

LAHORE: The country’s first cryptocurrency trading platform “Rain” is all set to be launched, as arrangements have been completed in this regard.

Rain claims to be the first cryptocurrency exchange to earn a regulatory licence in the Middle East and a member of an “elite group of exchanges internationally”.

The firm claims to have built the platform on a “robust, scalable and resilient” infrastructure with safeguards, services and capabilities to make investing in cryptocurrency easy and safe for Pakistanis.

As Pakistan has seen a revolution in crypto-investment in the last couple of years with 4.10 percent (over 9 million) of the country’s population already in crypto trade, the local financial market is positioned to grow significantly. A new generation of investors in Pakistan has welcomed cryptocurrency as a tool for financial freedom.

“Rain’s launch in Pakistan is at a pivotal time when the market is growing exponentially and people desperately need a licenced and regulated cryptocurrency trading platform. Our aim is to make cryptocurrency trading super secure, seamless and cost-effective for every current as well as aspiring crypto-trader in the country” says Sufyaan Khan – general manager (Pakistan) at Rain.

According to the company’s co-founder, Yehia Badawy, there has been a tremendous growth in the transaction volume on Rain and “we’ve seen increased adoption across the board from retail clients, high-net-worth individuals and institutional clients”.

“We have exceeded the $1bn milestone in the trading volume and to have enjoyed a massive growth in the first half of 2021, which is 20x more compared to its growth in the same period last year,” he claims.

Published in Dawn, September 25th, 2021

Opinion

Editorial

23 May, 2022

Defection rulings

By setting aside the existing law to prescribe their own solutions, the institutions haven't really solved the crisis at hand.
23 May, 2022

Spirit of the law

WOMEN’S right to inheritance is often galling for their male relatives in our patriarchal society. However, with...
23 May, 2022

Blaming others

BLAMING the nebulous ‘foreign hand’ for creating trouble within our borders is an age-old method used by the...
Updated 22 May, 2022

Back in the game?

WITH the new government struggling to make crucial decisions independently, Pakistan’s ‘parallel governance...
22 May, 2022

Currency concerns

IN the midst of the power struggle in the country, the rupee slid past 200 to a dollar in the interbank market last...
Updated 22 May, 2022

Shireen Mazari’s arrest

Abuse of power can never be condoned, regardless of who it targets or from where it emanates.