Stablecoin firm Rain valued at $1.95B after $250M raise
Stablecoin company Rain announced on Friday that it has raised $250 million in a funding round led by ICONIQ, giving the firm a valuation of $1.95 billion.
The move reflects growing investor interest in the cryptocurrency sector, News.Az reports, citing Reuters.
Stablecoins are cryptocurrencies designed to maintain a stable value by being pegged to assets such as the U.S. dollar. They are increasingly attracting attention from investors, consumers, and major financial institutions as interest in digital assets expands.
The sector has benefited from a more accommodating stance by regulators under the Trump administration, easing the path for traditional financial firms to explore crypto products.
The latest series C round brings Rain's total funding to more than $338 million and comes four months after its previous one. The company said its valuation has increased more than seventeen-fold in just 10 months.
Rain provides businesses with infrastructure to issue and manage stablecoin-linked payment cards and wallets, enabling users to transact any place, where Visa is accepted.
"Stablecoins are quickly becoming the way money moves in the 21st century, but adoption by users worldwide requires cards and apps that just work," Rain's CEO and Co-founder Farooq Malik said in a statement.
"In the last year, our active card base has increased 30x and our annualized payment volume has increased 38x, but we're still in the early innings."
He added that the capital would be used to enter new markets, scale and support more enterprise launches.
Other investors in the latest round included Sapphire Ventures, Dragonfly, Bessemer Venture Partners, Galaxy Ventures, FirstMark, Lightspeed, Norwest and Endeavor Catalyst.
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