BlockBeats reported that on August 28, crypto card issuer Rain completed a $58 million Series B financing round, led by Sapphire Ventures, with participation from Dragonfly, Galaxy Ventures, Endeavor Catalyst, Samsung Next, and Lightspeed. According to another informed source, the annual spending volume on Rain-supported debit cards has exceeded $1 billion.
Rain launched a Visa-supported debit card, allowing stablecoins to be spent at all locations accepting Visa. The company was founded in 2021 by CEO Farooq Malik and CTO Charles Yoo-Naut. Rain enables new banks and fintech companies, such as Nuvei, to provide stablecoin payment services.
According to previous reports, on March 24, Rain announced the completion of a $24.5 million financing round, led by Norwest Venture Partners, with participation from Galaxy Ventures, Goldcrest, Thayer, and Hard Yaka.
