RAKBank has made a significant move by becoming the first conventional bank in the UAE to provide retail cryptocurrency trading services. This new offering allows clients to easily navigate the cryptocurrency market directly from their UAE dirham accounts.
Launch of Cryptocurrency Trading Service
RAKBank has introduced a cryptocurrency brokerage service through its mobile banking app, enabling customers to buy, sell, and swap cryptocurrencies directly from their accounts in dirhams. Raheel Ahmed, CEO of RAKBank, stated that the solution meets customers' needs for a more efficient, fully regulated crypto trading experience.
Importance of Banking Integration
This integration addresses key challenges previously faced by crypto investors in the UAE. Customers can now trade Bitcoin, Ethereum, Solana, and Ripple without the need for external exchanges, streamlining the trading process and reducing costs associated with currency conversion. Lukas Enzersdorfer-Konrad, deputy CEO of Bitpanda, highlighted this partnership as a crucial moment for digital assets in the region.
Industry Transformation and Global Context
RAKBank's initiative reflects broader trends in institutional crypto adoption. According to an Elliptic report, 44% of financial institutions are now open to offering accounts to crypto businesses, aligning with the UAE's strategy to establish itself as a global blockchain hub.
The launch of RAKBank's cryptocurrency trading service signals a major advancement for the UAE banking sector in integrating digital assets, paving the way for further development in this area.
