Open banking firm Tarabut Gateway is joining hands with Bahrain-based crypto exchange Rain to ensure customers can add digital currencies to their wallets for less money and in half the time.
Rain and Tarabut Will Work to Ensure Things Move Faster
Transactions are set to be sped up tenfold through the partnership. Customers can also top up on their wallets without having to leave the Rain platform. In addition, errors from traditional bank wire transfers are slated to significantly decrease through the company’s new protocols.
In an interview, Abdulla Almoayed – founder and chief executive of Tarabut – explained:
We’re delighted to unveil a solution that aims to make fiat-to-crypto transfers quicker, more secure, and cost-effective, as well as enable such funding methods directly from bank accounts. Our partnership with Rain is a perfect cross-sector synergy, made possible by Bahrain’s advanced open banking ecosystem. Crypto trading, wallets, and other blockchain use cases are natural allies in opening traditional banking and finance.
Rain chief executive Joseph Dallago also threw his two cents into the mix, commenting that the partnership between his company and Tarabut is likely to open all kinds of special doors not just for both companies, but for the customers that work with them. He said:
Through quick and efficient deposit mechanisms, crypto traders on Rain’s platform will now be able to seamlessly fund their accounts and capitalize on market movements.
Open banking has long been at the center of the digital currency arena. Many players enjoy an open banking system given it allows full transparency of transactions and ensures third parties and middlemen cannot do anything illicit or funny without being laid out in a barrage of lights for customers to see.
In addition, it also lets customers view the trading and spending habits of the banks they work with. If there’s anything that seems odd, customers can take quick action and report the anomalies. They are also required to give their permission on various maneuvers before banks can engage.
Another big benefit of an open banking system is that it gives customers access to a wide array of accounts from banks, credit card providers, and additional financial institutions so they can easily and speedily engage in transfers and other financial activities.
A Large and Growing Firm
Tarabut offers several financial services designed to give customers clear access and ideas regarding their spending habits. The company also provides numerous products tailored to meet specific customers’ needs and analyze their own spending patterns.
The company was founded in the year 2017 and is licensed by global regulators including the Central Bank of Bahrain and the Dubai Financial Services Authority. Lastly, it was granted permission from the Saudi Central Bank to test its services via the Regulatory Sandbox environment. The company has recently garnered $13 million in seed funding.
