- RAKBANK has launched the UAE’s first crypto brokerage service by a conventional bank.
- Bitpanda powers the service, allowing users to buy, sell, and swap crypto in AED.
- All transactions are fully regulated through Bitpanda’s VARA-licensed entity.
RAKBANK has officially become the first conventional bank in the UAE to offer crypto brokerage services directly through its mobile banking app. This development marks a notable step forward in bridging traditional banking with the rapidly evolving world of digital assets.
Bank App Crypto Trading Powered by Bitpanda
The new service is the result of a strategic partnership between RAKBANK and Bitpanda, one of Europe’s most trusted digital asset infrastructure providers. Bitpanda’s platform has been integrated into RAKBANK’s mobile app, enabling customers to buy, sell, and swap cryptocurrencies with ease.
All transactions are conducted in UAE Dirhams (AED), eliminating the need for foreign exchange conversions and associated fees. The crypto trading journey is streamlined. Users can execute transactions directly from their existing RAKBANK current or savings accounts, without having to transfer funds to external cryptocurrency platforms.
Fully Regulated and Secure
Notably, the service operates under a robust regulatory framework. Bitpanda facilitates the crypto trading via its Dubai-based, Virtual Assets Regulatory Authority (VARA)-regulated entity, Bitpanda Broker MENA DMCC. Bitpanda is also regulated across multiple European jurisdictions, providing a high level of oversight and compliance.
With these efforts, RAKBANK is providing customers with a safe, compliant, and trusted entry into the digital asset space.
Related: Dubai Land Department to Issue Real Estate Title Deeds on the XRP Ledger
Invitation-Only Launch with Broader Rollout Ahead
Currently, the crypto brokerage service is available by invitation only. Plans are in place to gradually expand access to a wider customer base in the coming months.
The service is expected to appeal to tech-savvy users and investors seeking a convenient way to manage crypto assets alongside their traditional banking needs.
UAE Leadership Commentary
Raheel Ahmed, Group CEO of RAKBANK, stated:
“RAKBANK has been a leader and pioneer in digital assets among UAE banks. We are proud to be the first conventional bank in the UAE to enable simple, secure, and regulated access to a world-class digital assets platform.”
Deputy CEO of Bitpanda Lukas Enzersdorfer-Konrad added that teaming up with RAKBANK is a pivotal moment for crypto assets in the UAE. “Together, we’re showing how crypto can be offered in a safe, regulated, and simple way, Enzersdorfer-Konrad said.
With this launch, RAKBANK intends to lead the digital finance movement in the region. The bank is aligning with the UAE’s broader strategy to position itself as a global hub for virtual assets and fintech innovation.
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