U.S. stablecoin infrastructure company Rain has completed a $250 million Series C funding round, Cointelegraph reported on Thursday.
The investment was led by global investment firm Iconiq, with existing investors including Galaxy Digital, Sapphire Ventures, Dragonfly, Lightspeed, Northwest and Endeavor Catalyst participating. The funding raised Rain's valuation to $1.95 billion. Total funding stands at $338 million.
Rain is headquartered in New York and provides a stablecoin card solution that enables global payments through the Visa network.
It expanded its active card base 30-fold and annual payment volume 38-fold last year, growing rapidly. It plans to use the proceeds to expand into key markets including North America, South America, Europe, Asia and Africa. Rain co-founder and CEO Farooq Malik said, "Stablecoins are becoming central to the movement of money in the 21st century, but global adoption requires card and app infrastructure."
Chi-gyu Hwang
delight@d-today.co.kr