Coinbase News: Rain Raises $24.5 Million to Expand Stablecoin Payment Card Offerings

Rain, a global card issuing platform specializing in stablecoins, has recently secured significant funding to further develop its payment card services. Here’s a closer look at the details of the funding and what it means for the future of stablecoin payments.

Visa-backed Rain Raises $24.5m for Stablecoin Payment Cards Expansion

Rain, a global card issuing platform that uses stablecoins, has secured $24.5 million in funding led by Norwest Venture Partners. Additional participants include Galaxy Ventures, Goldcrest, Thayer, and Hard Yaka, alongside existing investors such as Lightspeed Venture Partners, Coinbase Ventures, Vinyl Capital, Canonical Crypto, and Latitude Capital. This investment will enable Rain to enhance interoperability with existing financial systems, broaden its global presence, and advance its stablecoin authorization and settlement infrastructure. The company has experienced significant growth, with a 15-fold increase over the past year and transaction processing in over 100 countries. Rain has also achieved principal membership with Visa, facilitating card issuance.

US Treasury Lifts Sanctions Against Tornado Cash, Coinbase Legal Chief Criticizes Move

The US Department of Treasury has lifted economic sanctions against Tornado Cash, a cryptocurrency mixing company it previously accused of facilitating money laundering activities linked to the North Korean Lazarus Group. In an announcement, the Treasury cited a review of novel legal and policy issues raised by the use of financial sanctions against evolving technology and legal environments. However, Coinbase’s Chief Legal Officer, Paul Grewal, criticized the decision.