Tarabut Gateway and Rain Bring Faster Fiat-to-Crypto Transactions to Bahrain
Tarabut Gatewayan open banking platform in the Middle East and North Africa (MENA), has partnered with Bahrain-based regulated trading platform for cryptoassets Rain.
Tarabut Gateway’s first collaboration with a crypto asset service provider will provide faster, cost-effective fiat-to-crypto transactions to Bahrain end users. It also plans to enable payments directly from user bank accounts without having to leave Rain’s platform.
The new feature will use Tarabut Gateway’s 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 Rain’s strategy to provide a seamless crypto wallet experience for its MENA users.
Tarabut Gateway explained that the addition of Rain as another partner to its fintech customer base strengthens its role in MENA’s open banking ecosystem.
With Rain, Tarabut Gateway has added another dedicated partner to its fintech customer base, further strengthening the company’s important role in MENA’s open banking ecosystem. Tarabut Gateway provides connectivity for data and payments that can flow between banks and fintechs that provide financial services to end users – for a better consumer experience.
“A perfect cross-sector synergy”
Abdullah Almoayed, founder and CEO of Tarabut Gateway, explained what the partnership aims to achieve. Almoayed commented: “We are pleased to unveil a solution that aims to make fiat-to-crypto transfers faster, more secure and cost-effective – as well as enable such funding methods directly from bank accounts.
“Our partnership with Rain is a perfect cross-sector synergy, enabled by Bahrain’s advanced open banking ecosystem. Crypto trading, wallets and other blockchain use cases are natural allies in opening up traditional banking and finance. We are proud to partner with Rain to offer a user-focused approach to crypto services by bringing the benefits of open banking digital solutions.”
Joseph Dallago, CEO of Rain, also discussed the partnership. Dallago said: “Our partnership with Tarabut Gateway unlocks a new era of crypto asset adoption in the region. Through fast and efficient deposit mechanisms, crypto traders on Rain’s platform will now be able to seamlessly fund their accounts and capitalize on market movements. The integration with Tarabut Gateway cements Rain’s premium product offering in the region.”
Through the subsidiary, Rain management WLLa licensed broker and manager of crypto assets by Central Bank of Bahrain, Rain seeks to offer its users a secure place to buy, sell and store crypto-assets. The company also offers regular educational opportunities for those interested in learning more about crypto assets.
