Middle East cryptocurrency exchange Rain cuts jobs amid downturn

Middle East cryptocurrency exchange Rain, which is licensed by the Central Bank of Bahrain and operates across the Gulf, has cut “a lot” of jobs amid a market downturn.

Founded in 2017 by Abdullah Almoaiqel, AJ Nelson, Joseph Dallago and Yehia Badawy, it raised $110 million in series B funding in January, but has been affected by the volatility in the sector.

Mr Dallago said in a LinkedIn post that Rain would be looking to “emerge stronger in the coming months”.

“Crypto saw a meteoric rise at the start of 2021,” he said.

“This was fuelled in part by sustainable interest and enthusiasm for the unique capabilities of this technology, and in part by unsustainable rampant speculation.

“The volatility in the industry has been difficult to properly plan for, which has resulted in the unfortunate changes that we have had to make today.

“This year has been a time for self reflection, and it is an opportunity for the industry to focus on its fundamentals and build crypto into a legitimate financial system. We had to say goodbye to a lot of really talented team members.”

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