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farooq 🌧
@rooqster
co-founder @raincards // weather system still developing
1.6K Following    3.2K Followers
Rain is partnering with @SeatGeek. Bringing branded wallets, cards, payments, and rewards together inside Game Day Your Way. This is the vision behind our acquisitions of Ansa and Uptop: giving businesses the building blocks to create a new generation of superapps.
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How Rain is thinking about agentic commerce. There's a lot that needs to be sorted out around consumer-directed agentic behavior. For example, what happens when you ask an agent to book a nonrefundable dinner reservation and it books ten? In traditional consumer payments, there are well-defined rules around refunds, merchant disputes, and chargebacks. We haven't yet established equivalent standards for agentic payments. Can we take lessons from existing consumer protections to design systems that protect people when agents transact on their behalf? Yes. And the need is immediate. Teams are already going live with agentic solutions on Rain, with more launching every month. We can't wait for regulators to create these protections. The industry needs to come together to establish standards that regulators can then codify. That's why we convened the Agentic Payments Alliance, working with Visa, Mastercard, and others to help define the rules of the road. Whether you're looking to build or help shape industry standards, reach out. We'd love to work with you. Clip from my panel at the @philadelphiafed.
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Stablecoins need to work in all the ways people use money today. Rain wallets let users get paid, earn, spend, and send money. All from one balance. Available through a single integration.
Rain has filed with the @USOCC to establish Rain National Trust Bank. If approved, the bank will: 1. Provide fiduciary custody of digital assets and dollars 2. Manage reserves for permitted stablecoin issuers 3. Issue and redeem USD-backed stablecoins Rain will stay a payments platform. It will not take deposits or make commercial loans. Brandon Soto, former CFO of Square Financial Services and most recently CFO of Coastal Financial Corporation, will serve as the proposed President and CEO of Rain National Trust Bank. The public portion of the application will be posted on the OCC's website shortly. Full press release linked below.
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Stablecoins have grown beyond crypto into a new form of money.
Live entertainment inspires some of the most devoted fans in the world. This partnership with Insomniac opens up new ways to recognize that loyalty and deliver rewards that feel meaningful to fans. It’s also another sign of stablecoins crossing the chasm. One of the biggest names in live entertainment is putting tokenized money to work in a practical way, while keeping the technology behind the scenes. More to come.
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Happening now at Avalanche Summit: Rain CEO @rooqster and @avax ’s @DominicCarb are discussing a new partnership to keep @insomniacevents' fans engaged all year long. Together, we’re building an onchain loyalty and value strategy that doesn’t stop when the show ends.
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Rain will be at @money2020 in full force. October 18–21 at The Venetian in Las Vegas. Our team will be on the ground talking stablecoin cards, embedded wallets, money movement, and agentic payments. You can also find us off the expo floor. ↓
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The consumer always comes first. The MoneyGram Card brings together MoneyGram, @raincards, @StellarOrg and @crossmint around one goal: making what happens after the money arrives more useful. @AnthonySoohoo explains on @BloombergTV 👇
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US dollar stablecoins got a decade-long head start. Every other major currency is next.
The Korean won is now onchain. Rain is adding support for KRW1: the first won-backed stablecoin, issued by BDACS on Avalanche. The partnership will make KRW1 spendable anywhere Visa is accepted. Creating a new way for the won to reach the world.
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Stablecoins are turning the world's largest and most trusted remittance companies into next-generation financial service platforms.
The MoneyGram Card is live. MoneyGram spent 85 years building one of the world's largest networks for moving money. Now stablecoins are turning it into a platform where 60M+ active customers can receive, save, and spend. The card completes the loop.
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Most people know Rain for stablecoin cards. They let people spend stablecoins at 175M merchant locations, without the merchant needing to know stablecoins are involved. Global Payouts apply the same idea beyond the point of sale. Partners can fund payments from a stablecoin balance, while recipients get local currency directly in their bank accounts. They never need to know stablecoins were involved either. It's another way we're making stablecoins compatible with the global financial system, as a precursor to mass adoption.
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Launching global financial services used to take a decade. Now it takes a single integration.
Global payouts are live. Pay people and businesses in 50 currencies from a single stablecoin balance. Across 80+ countries. You send stablecoins. They receive local currency. Without ever needing to know stablecoins are involved.
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Within five to ten years, @rooqster believes, stablecoin legislation spreads country by country and businesses fully grasp what tokenized money already is. First it becomes legal tender. Then table stakes. Every business, enterprise or small, will need a partner to handle it. Money isn't a feature of a business, in Malik's view. It's the business, its actual life. He's building @raincards to be that partner before the shift happens, not after.
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"Money quantifiably is larger than AI. It's larger than food. It's larger than oil and gas. It's larger than municipal water supplies, government spending, defense. It's all of these combined." @rooqster is the co-founder of @raincards, a $1.95 billion company building financial infrastructure that lets businesses issue cards, extend credit, and settle payments using stablecoins instead of traditional banking rails. He believes the market for moving money is too large for any single company, including Stripe, to capture alone. (2:46) An overview of Rain and global-first financial infrastructure (18:46) The economic opportunity of a more efficient monetary system (22:06) How Farooq’s childhood as an immigrant shaped him (29:11) Lessons from Farooq’s career before founding Rain (42:18) Why Rain bet on stablecoins (54:30) Rain’s approach to hiring and management (1:05:54) Rain’s most critical mantras (1:12:30) Final meditations Thank you to the partners who make this possible @brexHQ: The intelligent finance platform:
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Much of the financial system still runs on plumbing from the 1970s, or earlier. A big part of what we're doing at Rain is upgrading the pieces that are showing their age. All while keeping in place what works. The team wrote a deep dive on what that looks like in card payments, and why it matters.
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For 175 years, Western Union's relationship with a customer ended the moment cash was received. Now it continues after the money lands. Remittances arrive as USDPT on @solana and can be spent anywhere Visa is accepted. For many recipients, it's their first access to digitally native financial services. Now delivered by a brand they trust. Supporting the Stablecard initiative meant proving durability, scale and compliance that met the standards of one of the most regulated companies in the world. Rain was built for this.
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Western Union's Stablecard is live. Remittances can now arrive as stablecoins and be spent instantly anywhere Visa is accepted. Mobile app, embedded wallets, and cards powered by Rain. $100B a year for 100M customers is moving onchain.
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Congrats @Freddyjuez! Amazing milestone for a phenomenal team!
Today we're thrilled to announce our $15M Series A and $125M warehouse facility. The round was led by @galaxyhq and CIM respectively, with @IlluminateFM joining as a new investor and @canary_ventures and Clocktower Ventures doubling down on us. Karta has never been in a stronger position.
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The level of attention to detail here has been a privilege to see executed. Congrats on the launch @Plasma team.
Plasma One is live now. Join in the next 7 days and get the Core tier free for your first year. Over $1,000 in value, reserved for early users.
Stablecoin cards just reached feature parity with traditional programs. Rewards are now built into Rain's issuing stack. Combined with blockchain-native capabilities, it's the best of both worlds for our partners and their customers. Onwards.
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Rewards are LIVE The first loyalty platform native to stablecoin cards. Cash back, flights, hotels + more. The best cards now run on stablecoins.