Stablecoin Visa card platform Rain has successfully closed a $58 million Series B funding round, spearheaded by Sapphire Ventures. The round saw participation from notable investors including Dragonfly, Galaxy Ventures, Endeavor Catalyst, Samsung Next, and Lightspeed. This latest funding round significantly boosts Rain's valuation, which previously stood at $24.5 million. Rain, founded in 2021 by CEO Farooq Malik and CTO Charles Yoo-Naut, offers a Visa-enabled bank card that allows stablecoins to be used wherever Visa is accepted. The platform supports emerging banks and fintech companies in providing stablecoin payment services. The company has reported that annualized spending on Rain-supported bank cards has surpassed $1 billion. Earlier this year, Rain raised $24.5 million in a funding round led by Norwest Venture Partners.