RAKBANK has announced the launch of a feature allowing its customers to trade digital assets like Bitcoin and Ethereum directly from their AED accounts, making it the first traditional bank in the UAE to offer such services.
New Crypto Feature by RAKBANK
RAKBANK has introduced a new feature that enables users to access cryptocurrencies from their bank accounts, simplifying what was once a complex process. This solution eliminates the need for international exchanges and additional fees.
Collaboration with Bitpanda
The service will operate in partnership with Bitpanda, a Europe-based company with regulatory clearance from Dubai’s Virtual Assets Regulatory Authority (VARA). The partnership with Bitpanda, known for its compliance and work with institutions like Deutsche Bank, adds credibility to this local launch.
UAE's Push for Digital Assets
The launch of RAKBANK’s platform aligns with the UAE’s broader initiative to become a hub for digital assets. The country has attracted numerous crypto companies, and this move by a mainstream bank could set a new financial course for the region.
The introduction of cryptocurrency services by RAKBANK marks an important step towards improving access to digital assets for users in the UAE and may influence further developments in the country’s financial system.
