It’s a daring decision and one to watch!
Rakbank has become the country’s first traditional bank to offer an exchange of crypto via its mobile banking application.
The new service allows customers to buy, sell and exchange cryptocurrencies directly in AED without the need to convert to foreign currencies or to use third-party exchanges. It is powered by Bitpanda, a cryptographic platform based in Europe regulated in Dubai under Vara.
Your bank is now your crypto exchange
So far, most water users had to move funds to global platforms like Binance or Coinbase to exchange. This process generally involved the conversion of dirhams to dollars, payment of additional costs and the management of platforms outside the regulatory scope of the country.
With Rakbank’s new feature, this whole process is cut. Users can now access cryptographic markets directly from their current savings or accounts, with transactions executed and paid in Dirhams.
“We believe [customers] deserve a more efficient and more transparent purchase, sale and exchange of crypto trip which is fully regulated and entirely in AED ”,” said Raheel Ahmed, CEO of the Rakbank group
Bitpanda adds credibility and compliance
The service is deployed in partnership with Bitpanda Broker Mena DMCC, an entity regulated by Vara in Dubai. Bitpanda is already working with large European institutions such as Deutsche Bank and Raiffeisen Bank and is regulated in Austria and Germany.
- Read also:
- Hong Kong finalizes the rules of Stablecoin from August 1, warns against media threshing as a license delayed at 2026
- ,,
Call the partnership a “Great moment for digital assets in the region”, ” The assistant CEO of Bitpanda, Lukas Enzersdorfer-Konrad, highlighted the opportunity to provide simple and safe cryptographic access to consumer users.
For the moment, the service is only available by invitation, with a complete deployment expected in the coming months. The assets supported at launch include Bitcoin, Ethereum, Solana and Ripple (XRP), with more to add soon.
The crypto impulse of water continues to build
The launch of the Rakbank crypto fits into the wider push of water to become a global crypto center. More than 600 cryptographic companies already operate in the DMCC free area of Dubai. The country has also quickly approved innovations such as Ripple’s Stablecoin Rlusd.
By being the first bank in the region to offer access to direct retail sale and regulated at the crypto, Rakbank may have just set a new standard and probably started a trend that other banks in the region will not want to miss.
Never miss a beat in the world of cryptography!
Stay in advance with the news, expert analysis and real -time updates on the latest Bitcoin, Altcoins, DEFI, NFTS, etc. trends
Faq
During the launch, Rakbank customers can exchange Bitcoin, Ethereum, Solana and Ripple (XRP) directly in the application, with more assets provided for future addition.
The new RAKBANK service allows customers to buy, sell and exchange cryptocurrencies directly in AED via their mobile banking application, eliminating the need for conversion of foreign currencies or third-party exchanges.
Yes, Rakbank’s Crypto Trading Service is regulated because it is powered by the Bitpanda Mena DMCC broker, an entity regulated by Vara in Dubai.
It simplifies crypto trading for water users by authorizing direct AED transactions from bank accounts, avoiding additional costs and external platforms, and offering a regulated option.
