With the introduction of a new payment system for digital asset enterprises in the Caribbean and Latin America, the partnership marks a first for the fintech sector.

Since its founding in 2021, Rain has become the preferred platform for Web3 organizations. It is made to work with the distinct governance and operation models that Web3 teams have, all the while enabling them to benefit from global merchant acceptance of payments and fiat interoperability.

The cloud-first card issuing and analytics platform of Paymentology, Rain's issuer processing partner, powers both Rain's virtual and real Visa® credit cards. These cards are essential for allowing digital assets to be integrated into the fiat environment.

Rain offers an industry-first technology that enables organizations to rapidly spend their digital assets, enabling genuine interoperability through this strategic relationship. Rain's on-chain infrastructure and settlement technologies, along with Paymentology's dependable next-generation solutions, make this feasible.

Rain plans to expand internationally, initially concentrating on the Latin America and Caribbean (LAC) region. This is made possible by Paymentology's API-first strategy, which facilitates worldwide expansion. Rain aims to establish itself as the preferred expenditure management solution for Web3 teams across the globe.

This news is made at a time when the cryptocurrency market is still booming and usage of digital currencies is reaching previously unheard-of heights in Latin America. During the period of July 2021 to June 2022, Latin America got $562 billion, or 9.1% of the worldwide cryptocurrency value received, an astonishing 40% rise.

"At Rain, we take immense pride in being the pioneers of a solution that combines on-chain infrastructure and interoperability with fiat rails for the digital asset ecosystem," said Farooq Malik, co-founder of Rain, in response to the announcement. Because of our partnership with Paymentology, we are able to support some of the biggest teams in the Web3 ecosystem. We are thrilled to provide our solutions to our esteemed clients with the backing of Paymentology's dependable solutions."

"It comes as no surprise that crypto adoption has surged in this region," stated Alejandro Del Rio, Regional Director for Latam at Paymentology, adding that over 70% of the population in Latin America is either unbanked or underbanked. With Rain, we are thrilled to have reached this first industry milestone, and we look forward to many more successes for the Latam fintech sector and beyond.