Bitcoin Daily: German Blockchain Finance Firm Bitwala Raises $14.5M; Rain Becomes First Licensed Crypto Exchange In Middle East

German blockchain finance firm Bitwala announced that it has raised $14.5 million in a Series A funding round led by Sony Financial Ventures and NKB Group.

The funds will be used to expand the company’s customer base, add new staff and launch bitcoin accounts for businesses.

Bitwala, which has retail customers in all 31 countries of the European Economic Area, says it’s so far traded bitcoin to the value of over €11 million ($12.26 million).

“Today, we are offering a bridge for both mainstream users and blockchain buffs, who want to interact with the emerging blockchain ecosystem — the growing digital economy spreading across the globe. While there is still huge upside potential, it has already been a humbling experience to see the ecosystem grow and for Bitwala to play such an important part in that,” said Bitwala’s Co-Founder and Chief Technology Officer Ben Jones, according to CoinDesk.

In other news, Huobi, a global digital asset service provider, announced a partnership with industry group Global Digital Finance (GDF).

The firms will work together to develop best practices and standards within the digital assets community. In addition, Huobi now sits on the organization’s Patron Board and Advisory Council.

“As a patron member of Global Digital Finance, Huobi is honored and delighted to work with top institutions all over the world. Through our efforts, we have infinite faith in promoting the development of this industry while addressing major issues surrounding market integrity, compliance, practice standards and business models. Huobi believes blockchain technology could benefit our society, and we will continue to devote ourselves to this case,” Chris Lee, chief financial officer of Huobi, said in a press release.

And Bahrain-based cryptocurrency exchange Rain revealed that it has become the Middle East’s first exchange to receive a regulatory license.

“With this license, Rennes has become the first encrypted currency trading platform in the Middle East to be fully licensed by a regulatory entity and join a limited range of internationally recognized platforms for currency trading,” the exchange said in a blog post, according to Cointelegraph.