“Rain” the sharia-certified cryptocurrency exchange just listed Ripple (XRP) to its trading platform. Ripple is one of the few cryptocurrencies added to the sharia-compliant exchange among Bitcoin, Ethereum and Litecoin.
Yesterday “Rain” announced on Twitter about the Ripple listing on their exchange.
XRP is now live on Rain pic.twitter.com/5H5wrsjaj0
— Rain (@rainfinancial) March 20, 2019
According to the Saudi Gazette Rain is regulated by the Central Bank of Bahrain and certified by the Shariyah Review Bureau (SRB).
“Rain, a Bahrain based cryptocurrency exchange, has Tuesday announced its successful graduation of the Central Bank of Bahrain’s (CBB) Regulatory Sandbox. It is the first cryptocurrency exchange to graduate the sandbox and is in the process of applying for the relevant license.”
Crypto users from Islamic regions are growing, particularly in the remittance sector by cooperating with Ripple’s payment services, like xRapid, RippleNet and xCurrent. Looking to the interest Ripple is gaining in the area, Abdullah Almoaiqel one of Rain’s co-founders said:
“This is a major milestone in the cryptocurrency and Islamic markets. This is the implementation of Rain’s mission to provide the Middle East with a cryptocurrency exchange that meets the highest standards in terms of regulation, accessibility, security, and trust. We are excited to open the Islamic markets to cryptocurrency with a Shariah-compliant exchange and a suite of cryptocurrency investment opportunities. We could not be more excited to have graduated the sandbox and are very close to our public launch now.”
The exchange says that it is still in the process of acquiring full Sharia confirmation for XRP.
“Our sharia consistence accreditation depends on BTC, ETH, and LTC. We are getting a supposition on XRP.”
At this time XRP is paired with 6 currencies: Bahraini dinar, US dollar. Kuwaiti dinar, United Arab Emirates dirham Saudi riyal, and the Omani rial.
Cryptocurrencies are getting very popular in the Middle East and the region is becoming a crypto friendly region.
According to reports from Ripple, the Middle East is their fastest growing area with many partnerships, including with 3 banks in Saudi Arabia, one in Bahrain, one in Kuwait, some in the United Arab Emirates and one in Oman.