Bahrain BENEFIT integrates BenefitPay to Rain crypto exchange
Bahrain BENEFIT, which offers electronic financial sservices, has partnered with Rain Management W.L.L (Rain Bahrain) where Rain has integrated BenefitPay as a direct payment method.
As per the press release, this strengthens Rain’s fiat on-ramp ecosystem, allowing customers to purchase virtual assets instantly through BenefitPay.
Through this integration, Rain customers can now purchase virtual assets directly through BenefitPay, leveraging its network of full commercial banks licensed by the Central Bank of Bahrain. Transactions are processed instantly, removing the delays traditionally associated with fiat-to-virtual assets on ramps.
The collaboration reflects the growing convergence of Bahrain’s digital payment infrastructure and the virtual assets sector, and sets a new benchmark for the customer experience that regulated crypto platforms can deliver.
Mr. Abdulwahed AlJanahi, Chief Executive of BENEFIT, noted that the integration reflects BENEFIT’s role in advancing Bahrain’s digital payments landscape. He added that enabling BenefitPay as a payment method for Rain customers brings added convenience and speed to users seeking regulated access to virtual assets. He noted, “This collaboration aligns with our broader efforts to further strengthen the Kingdom’s position as a leading regional financial hub for digital financial solutions and virtual assets.”
Geoff Stecyk, General Manager Bahrain at Rain, added, “Bahrain has been Rain’s home since we received the region’s first virtual asset service provider license, and we are committed to building the best possible experience for our customers here. Being the first crypto platform to integrate BenefitPay is a milestone we are proud of and it means our customers can now use the payment method they already trust in their daily lives to purchase virtual assets instantly, at the lowest possible cost. Unlike traditional financial markets, Rain operates 24/7 — and we are especially excited that BenefitPay’s 24/7 availability now matches that, meaning our customers can fund and trade on Rain around the clock, any day of the year. This is what accessible, regulated crypto looks like.”
In 2024, Crypto.com and BENEFIT, a signed an MOU ( Memorandum of Understanding) to discuss combining their expertise and help expand the digital assets and fintech ecosystem in Bahrain including areas such as payment integration and prepaid card capabilities.
