“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. To add more legitimacy and gain the trust of its customers, Rain also announced today that it has passed a Shariah compliance certification. The Shariah-compliance certification was completed by Shariyah Review Bureau (SRB). SRB is licensed by the Central Bank of Bahrain as a Shariah Advisory firm authorized to issue Shariah compliance certifications. SRB has reviewed Rain’s brokerage service and has determined that the sale, purchase and custodian activities of Rain comply with Shariah principles. Rain aims to deliver more value with a Shariah-compliant cryptocurrency exchange. The Shariah certification covers a suite of three cryptocurrencies (bitcoin, ethereum, and litecoin). Rain expects to enable top-tier family offices, sophisticated investors and Islamic institutional investors to buy, sell and store cryptocurrency in a Shariah compliant way.”
On March 20th, Rain announced on twitter that XRP was now live on its trading platform:
After a few questions on twitter, Rain explained that:
“We currently are in a private beta until we gain our full licensure with the Central Bank of Bahrain. Our customers are able to buy/sell XRP/BHD, XRP/SAR, XRP/KWD, XRP/AED. XRP/OMR, and XRP/USD.”
“Our sharia compliance certification is based on BTC, ETH, and LTC. We are in the process of getting an opinion on XRP.”
Moreover, the exchange is in the process of getting an opinion on XRP for sharia compliance certification.
This is excellent news for XRP since this is the first time XRP gets paired with these four fiat currencies: BHD (Bahraini dinar), SAR (Saudi riyal), KWD (Kuwaiti dinar) and OMR (Omani rial). This takes the total fiat currencies that XRP is paired with to 48! At the same time, news on XRP’s Sharia certification are soon expected to follow. This is important for Ripple’s plans for expansion and XRP utility in the region .