RAKBANK, the government-owned bank of the United Arab Emirates, has announced the launch of crypto trading services, becoming the first conventional bank in the country to offer this facility through a mobile app.
First Steps of RAKBANK into Cryptocurrency
RAKBANK announced the launch of crypto brokerage services through its mobile banking app. Customers can now buy, sell, and swap cryptocurrencies directly from their UAE Dirham accounts. Raheel Ahmed, Group CEO of RAKBANK, stated, "We recognize the opportunity this solution will provide to customers in the UAE, as we believe they deserve a more efficient and seamless crypto buying, selling, and swapping journey that is fully regulated and entirely in AED."
Crypto Trading Services without Extra Costs
Customers will be able to trade crypto without needing to transfer funds to an external exchange or convert between fiat currencies, eliminating foreign exchange fees. The integration utilizes Bitpanda’s infrastructure to execute trades and manage custody. Ahmed added, "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." The service is currently available by invitation only, with a broader rollout expected in the coming months.
RAKBANK's Strategy for the Future of Digital Assets
Last year, RAKBANK partnered with Bitpanda to build a digital asset management platform for residents. The bank described digital assets as the "future," emphasizing their effectiveness and security in managing finances. RAKBANK's move into crypto aligns with the UAE's ambition to establish itself as a center for blockchain and crypto projects, evidenced by the growth of companies in this sector.
The launch of RAKBANK's crypto trading services opens up new opportunities for customers and supports the United Arab Emirates' goals of becoming a leader in digital finance and cryptocurrencies.
