The GCC’s Tech Vanguard: Rain's Joseph Dallago

Joseph Dallago’s fascination with the transformative power of technology began when he started coding at just 13. Today, as the co-founder and CEO of cryptocurrency exchange platform Rain, Dallago channels this passion into driving the crypto revolution in the GCC through his enterprise, which was launched in Bahrain, and has since gone on to expand into the UAE and Turkey.

“Rain has achieved US$6.3 billion in volume with 1.3 million sign-ups and 450,000 know-your-customer-verified users,” Dallago adds. “As the first licensed crypto-asset company in the Middle East, with full licenses in the UAE and Bahrain, and operations in Turkey with a license application underway, we serve 10 countries, offering 45+ coins, and instant AED funding in the UAE. With four million transactions and trilingual 24/7 support, Rain is trusted by individual and institutional clients across the GCC.”

According to Dallago, Rain has been instrumental in shaping the region’s cryptocurrency landscape. “We worked closely with the Central Bank of Bahrain to establish a regulatory framework, becoming the region’s first licensed cryptocurrency exchange in 2019,” Dallago says. “Today, Rain serves over one million customers, and it has raised $110 million in Series B funding from global leaders like Coinbase, Paradigm, and Kleiner Perkins.”

But this is – still – just the beginning, because, as Dallago points out, there’s a lot more potential to tap into. “The future of blockchain technology excites me, because it will redefine financial systems by increasing transparency, reducing barriers, and creating a more equitable global economy,” he says. “At Rain, we are building the infrastructure for this new financial future, empowering individuals and businesses across the region to unlock the full potential of crypto assets.”

A Playbook For Success: Joseph Dallago 

Given the investment that GCC countries are putting into tech, what role do you think the region will play in the global landscape in the future? 

“The GCC region is uniquely positioned to lead the global crypto economy. Since Rain’s inception, Bahrain’s progressive approach to regulation has been instrumental in our success, allowing us to become the first licensed cryptocurrency exchange in the Middle East. Similarly, Abu Dhabi Global Market (ADGM) in the UAE has created a thriving ecosystem for regulated crypto businesses. These efforts demonstrate the region’s forward-thinking vision. 

With substantial investments in technology, clear regulatory frameworks, and a focus on innovation, the GCC is shaping the future of crypto at a global level. The region’s approach serves as a blueprint for how to foster innovation while maintaining trust and security. I believe the GCC will not only become a hub for the crypto industry, but also influence global standards for how blockchain technology is integrated into economies worldwide.” 

What advice would you give to young people/new businesses looking to start/grow in your field/industry? 

“Having spent over a decade as an entrepreneur, I have learned that trust and vision are the cornerstones of success, especially in an industry as dynamic as cryptocurrency. When we started Rain, we made security, regulatory compliance, and customer trust our top priorities. This foundation has allowed us to grow and gain the confidence of our users and investors alike. 

For anyone entering the crypto industry, my advice is to focus on building credibility and delivering real value to your customers. Understand the regulatory environment, and proactively engage with policymakers. At the same time, remain committed to innovation and problem-solving. Crypto has the power to transform economies, but only businesses that prioritize trust and long-term vision will succeed. If you believe in the potential of this technology, there has never been a better time to contribute to its growth.” 

Rain Trading Limited's Joseph Dallago was one of the 30 innovators celebrated in Inc. Arabia's December 2024 special feature, The GCC's Tech Vanguard. For the full list of The GCC's Tech Vanguard, please click here.