RAKBANK Becomes First UAE Bank to Offer Crypto Trading

The National Bank of Ras Al Khaimah (Rakbank), a bank belonging to a government in the United Arab Emirates (Water), has become the country’s first conventional bank to offer retail crypto exchanges.

In a press release on Tuesday, the bank announced the launch of a cryptographic brokerage service via its mobile banking application, allowing customers to buy, sell and exchange cryptocurrencies directly from their Dirham water accounts.

“We recognize the opportunity that this solution will offer water customers, because we think they deserve a more efficient and transparent crypto purchase, selling and exchange trip which is fully regulated and entirely in AED [dirhams]”Said Raheel Ahmed, CEO of the Rakbank group.

The new offer is fueled by Bitpanda based in Austria, with transactions facilitated by Bitpanda Broker Mena DMCC, an entity regulated by the Virtual Assets Regulatory Authority (VARA) in Dubai.

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Rakbank said customers will be able to exchange the crypto without the need to transfer funds to an external exchange or to convert between fiduciary currencies, eliminating exchange fees. Integration uses Bitpanda infrastructure to execute the professions and manage custody.

“We are proud to be the first conventional water bank to allow simple, secure and regulated access to a world-class digital networks platform,” said Ahmed.

The Crypto trading service is currently available by invitation only, with a wider deployment provided in the coming months.

Lukas Enzersdorfer-Konrad, assistant CEO of Bitpanda, called the partnership “a great moment for digital assets in the region”. Bitpanda is regulated in several European jurisdictions and has existing institutional partnerships with Deutsche Bank, N26 and Raiffeisen Bank.

Cointelegraph stuck in Rakbank to comment but had not received an answer by publication.

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Rakbank launches the cryptographic platform to the water

Last year, Rakbank joined Bitpanda to build a digital asset management platform for residents. The bank has described digital assets as “the future”, adding that they offer a more efficient and secure means for customers to manage finances.

Rakbank’s push into the crypto intervenes while the water endeavors to settle as a main destination for blockchain and crypto projects.

The Dubai Multi Commodities Center Free Zone has attracted more than 600 cryptographic companies, with more businesses flowing the Dubai International Financial Center and a central district while the country is positioned as a leader in digital finance.