The encryption card issuer Rain has completed a $58 million Series B financing, led by Sapphire Ventures.

On August 28, cryptocurrency card issuer Rain completed a $58 million Series B funding round, led by Sapphire Ventures, with participation from Dragonfly, Galaxy Ventures, Endeavor Catalyst, Samsung Next, and Lightspeed. According to a source, the annual spending on Rain's supported credit cards has exceeded $1 billion. Rain launched a Visa-supported card that allows stablecoins to be easily spent at all locations accepting Visa. The company was founded in 2021 by CEO Farooq Malik and CTO Charles Yoo-Naut. Rain enables new banks and fintech companies (such as Nuvei) to offer stablecoin payment services. Earlier reports indicated that on March 24, Rain announced the completion of a $24.5 million funding round, led by Norwest Venture Partners, with participation from Galaxy Ventures, Goldcrest, Thayer, and Hard Yaka.

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