Rain – the first Sharia compliant crypto exchange to launch from Bahrain’s crypto sandbox – has added six XRP-fiat trading pairs to its platform. The massive move comes just weeks after the exchange launched from Bahrain’s brand new crypto sandbox – satisfying all regulation requirements. This new crypto listing takes the total number of cryptos available on the exchange up to four – the others being Bitcoin, Litecoin and Ethereum. As Rain lists XRP pairs, crypto traders from the Gulf Cooperation Council (GCC) region are keeping their eyes peeled for more cryptos coming their way.
Sharia Compliance is Catching on
Islamic finance and Sharia compliance is something that’s starting to catch on, and seeing as there are around 1.26 billion people who follow Sharia law it’s not a bad idea to create a Sharia compliant exchange. To cater to this huge pool of potential crypto traders, a company in the UAE has been hard at work creating its own Sharia compliant crypto exchange, but it’s still in the development stage. For now, citizens from the GCC region can take full advantage of the Rain crypto exchange for all their Sharia compliant trading.
Saudi Craving Sharia Compliance
Over in Saudi Arabia, Bitcoin trading has been deemed haram – not allowed – as available exchanges are not Sharia compliant. Until a Mufti gives his blessing that an exchange – as well as cryptocurrencies – are Sharia compliant, Bitcoin trading will remain illegal in the country. While citizens from Saudi Arabia can access and trade on Rain, it has yet to be cleared as Sharia compliant by a Mufti from the country.
Trade XRP Around the GCC
Rain has listed XRP with the Bahraini dinar, Saudi riyal, Kuwaiti dinar, United Arab Emirates dirham, Omani rial and the US dollar, meaning no matter what currency crypto traders wish to use, they know they will be covered when it comes to XRP trading.
The middle east is Ripple’s fastest growing marketplace and this move from Rain only highlights this key battleground for the project. While Ripple is slammed in western countries for being a fake cryptocurrency, the middle east is lapping it up and reaping the benefits. Now wise crypto traders from the GCC can tap into the XRP potential and be prepared for the next XRP bull run. When that could be is anyone’s guess, but our analysts think it could be closer than many think!
