RAKBANK has become the first conventional bank in the United Arab Emirates to introduce the capability of crypto trading through its mobile app. This new feature allows retail customers to conveniently and quickly buy, sell, and swap cryptocurrencies.
Crypto Trading in Mobile App
The new feature allows users of RAKBANK's mobile application to conduct transactions with cryptocurrencies in just a few taps. This is a significant leap forward for traditional banks in the UAE as it opens access to cryptocurrencies for a wider audience.
Collaboration with Bitpanda
The service is powered by Bitpanda, a leading digital asset platform that is regulated in both Europe and Dubai. The partnership with Bitpanda ensures reliability and security for the bank's clients' transactions.
Market Reaction
The launch of the service has drawn attention from both investors and crypto enthusiasts, indicating a growing interest in cryptocurrencies in the region. This event could change the approach to banking services and the financial ecosystem in the UAE.
The introduction of crypto trading through RAKBANK's mobile app also highlights the changing financial landscape in the UAE, where traditional banks are beginning to adapt to new technologies and customer demands.
