Rain, the Visa card platform for stable cryptocurrency, announced the completion of a $58 million Series B funding round, with participation from several major investment funds.
This platform was launched in 2021, allowing banks and fintechs to provide stable cryptocurrency spending services through Visa cards; sources say annual spending on cards supporting Rain has exceeded $1 billion.
MAIN CONTENT
Rain raised $58 million in the Series B round, led by Sapphire Ventures.
Annual spending on Rain's cards exceeds $1 billion, indicating practical adoption.
Rain founded in 2021, co-founded by Farooq Malik and Charles Yoo-Naut.
How much has Rain raised and who is the lead investor?
Short answer: Rain completed a Series B funding round of $58 million, led by Sapphire Ventures, with participation from Dragonfly, Galaxy Ventures, Endeavor Catalyst, Samsung Next, and Lightspeed.
Analysis: This funding was reported on August 28, reflecting international venture capital interest in stable cryptocurrency payment solutions via cards. The participation of multiple funds helps Rain expand banking partnerships and card acceptance networks.
How does Rain operate to allow stable cryptocurrency spending via card?
Short answer: Rain issues Visa cards that allow for the conversion and spending of stable cryptocurrency at any Visa acceptance point, integrated with partner banks and fintechs.
Analysis: Rain's solution connects stable cryptocurrency wallets to banking card infrastructure, allowing new banks and fintech companies to provide stable cryptocurrency payment services without having to build an entire system from scratch. This accelerates the potential for adoption in daily transactions.
What is the scale of usage and market impact of Rain?
Short answer: According to sources, annual spending on cards supporting Rain has exceeded $1 billion, indicating significant commercial adoption.
Analysis: The $1 billion annual milestone is an indicator of actual transaction volume on the card platform, reflecting both user demand and deployment capabilities through the Visa network. This figure supports the argument that the solution aims at practical consumer payments, not just technology trials.
When was Rain founded and what funding has it received prior?
Short answer: Rain was founded in 2021 by CEO Farooq Malik and CTO Charles Yoo-Naut; previously, in March, Rain raised $24.5 million led by Norwest Venture Partners.
Analysis: The funding roadmap shows that Rain has gone through at least two funding rounds: the round led by Norwest in March with $24.5 million and the recent $58 million Series B round. The increase in capital indicates that investors value the growth and scalability of the platform.
Series B Funding Round August 28 $58 million Sapphire Ventures (lead), Dragonfly, Galaxy Ventures, Endeavor Catalyst, Samsung Next, Lightspeed Previous Round March $24.5 million Norwest Venture Partners (lead)
Frequently Asked Questions
Where does Rain allow stable cryptocurrency spending?
Rain uses Visa cards, allowing users to spend at any Visa acceptance point, through Rain's partner banks and fintechs.
Who are the founders of Rain?
Rain was founded in 2021 by Farooq Malik as CEO and Charles Yoo-Naut as CTO.
How much total capital has Rain raised in the last two rounds?
Recent rounds include $24.5 million in March and $58 million in the Series B round, according to reports.
What does the $1 billion figure represent for Rain?
This figure represents the total annual spending on cards supporting Rain, indicating substantial practical adoption and transaction volume.
Source: https://tintucbitcoin.com/rain-hoan-tat-series-b-58-trieu/
Thank you for reading this article!
Please Like, Comment, and Follow TinTucBitcoin to stay updated with the latest news on the cryptocurrency market and not miss any important information!
