On August 28, Rain, a platform for using stablecoins via Visa cards, secured $58 million in Series B funding, significantly boosting its valuation.
Rain's Valuation and Investments
Rain, co-founded by CEO Farooq Malik, raised $58 million in Series B funding led by Sapphire Ventures, Galaxy Ventures, and others. This funding increases Rain’s valuation nearly sixfold to $147 million. According to Farooq Malik, 'This new funding allows us to increase interoperability with existing rails, expand our footprint, and invest in our stablecoin authorization and settlement infrastructure that continues to unlock growth for our partners.'
Increase in Rain's Card Spending
Annual spending on Rain-supported cards has exceeded $1 billion, showcasing the growing acceptance of stablecoin transactions. The company aims to expand its infrastructure, further enhancing stablecoin interoperability. Farooq Malik expressed confidence in expansion efforts, indicating that earlier funding rounds helped launch their platform globally.
Ethereum's Role in the Stablecoin Ecosystem
Ethereum (ETH) is currently priced at $4,598.40 and has exhibited a 7.44% weekly increase and a 20.39% gain over the past 30 days. Ethereum's market cap stands at $555.06 billion, reflecting a 14.18% market dominance. The expanding stablecoin ecosystem supported by platforms like Rain may influence market participants' strategies, enhancing digital assets' integration into the mainstream economy.
The funding secured by Rain highlights the growing interest in stablecoins and digital payments, which may lead to further market development and the introduction of new technologies.
