- Rain secures $24.5M to accelerate global stablecoin payment adoption.
- Partnership with Visa boosts Rain’s global crypto payment services.
- New funds will support Rain’s technology and global expansion efforts.
The crypto card issuer, Rain has obtained $24.5 million in funding from Norwest Venture Partners. The company plans to develop its payment system for stablecoin transactions. The funding round attracted investments from various prominent investors such as Galaxy Digital and Coinbase Ventures.
Rain Partners with Visa to Drive Stablecoin Adoption
Rain aims to create an easy-to-use system for daily stablecoin transactions. Users can make payments in stablecoins and other cryptocurrencies through Visa debit and credit cards. Rain seeks to provide seamless frictionless transaction services to meet the demand amid increased stablecoin adoption.
Rain achieved substantial growth, with a 15-times increase in revenue in the last 12 months. The company now enables stablecoin payments across over 100 nations which makes stablecoins more accessible to global customers. Rain is dedicated to accelerate stablecoin adoption in international trade and dollar-based investments.
Rain has partnered with Visa to provide global businesses and consumers with simple ways to spend digital assets through their crypto cards. Rain’s blockchain system supports the Visa payment system which makes it easier to make payments via the USDC and USDT stablecoins. Avalanche Foundation and Rain have partnered to allow users to pay with AVAX tokens and stablecoins.
Visa’s principal membership enables Rain to expand its business operations. The membership allows the company to issue payment cards to businesses and individuals across the U.S, Europe and Latin America. The membership elevates Rain’s leadership position in the stablecoin adoption.
Rain’s Global Crypto Payment System Expansion
Rain will use the raised funds to support its expansion initiatives. The capital will allow the company to expand its workforce, improve its technology and secure additional regulatory licenses. Rain CEO, Farooq Malik stressed how stablecoins enable global access to digital dollar services.
Rain enables businesses to issue physical and virtual cards linked to different types of wallets. The company supports multiple blockchain networks to enable simple connections with traditional financial systems. The service enables global businesses to make digital currency payments and flexible settlements.
Rain’s business model earns the company a percentage of the Visa merchant fees. Additionally, corporate customers can access Rain’s platform or card program through a subscription fee. Rain’s technological infrastructure positions the company as a key player in the crypto payment.
Norwest Venture Partners, a global investment firm, has a strong history of supporting fintech innovations. Its investment in Rain is part of their approach to invest in ventures that integrate digital currencies into traditional finance. This financial support will enable Rain to connect crypto and mainstream financial systems.