RAKBANK Becomes First UAE Bank to Offer Crypto Trading

The Nationwide Financial institution of Ras Al Khaimah (RAKBANK), a government-owned financial institution within the United Arab Emirates (UAE), has turn out to be the primary standard financial institution within the nation to supply retail crypto buying and selling.

In a Tuesday press launch, the financial institution announced the launch of a crypto brokerage service by its cellular banking app, permitting clients to purchase, promote and swap cryptocurrencies instantly from their UAE dirham accounts.

“We acknowledge the chance this answer will present to clients within the UAE, as we imagine they deserve a extra environment friendly and seamless crypto shopping for, promoting and swapping journey that’s absolutely regulated and fully in AED [dirhams],” Raheel Ahmed, Group CEO of RAKBANK, mentioned.

The brand new providing is powered by Austria-based Bitpanda, with transactions facilitated by Bitpanda Dealer MENA DMCC, a Digital Belongings Regulatory Authority (VARA)-regulated entity in Dubai.

Associated: Dubai regulator clarifies real-world asset tokenization rules

Financial institution-backed crypto buying and selling now attainable

RAKBANK mentioned clients will be capable to commerce crypto without having to switch funds to an exterior trade or convert between fiat currencies, eliminating international trade charges. The combination makes use of Bitpanda’s infrastructure to execute trades and handle custody.

“We’re proud to be the primary standard financial institution within the UAE to allow easy, safe, and controlled entry to a world-class digital property platform,” Ahmed mentioned.

The crypto buying and selling service is at present obtainable by invitation solely, with a broader rollout anticipated within the coming months.

Lukas Enzersdorfer-Konrad, deputy CEO of Bitpanda, known as the partnership “an enormous second for digital property within the area.” Bitpanda is regulated in a number of European jurisdictions and has present institutional partnerships with Deutsche Financial institution, N26 and Raiffeisen Financial institution.

Cointelegraph reached out to RAKBANK for remark however had not obtained a response by publication.

Associated: Dubai taps Crypto.com to enable crypto payments for govt services

RAKBANK launches crypto platform in UAE

Final yr, RAKBANK partnered with Bitpanda to construct a digital asset administration platform for residents. The financial institution described digital property because the “future,” including that they provide a extra environment friendly and safe means for patrons to handle funds.

RAKBANK’s push into crypto comes because the UAE strives to determine itself as a major vacation spot for blockchain and crypto initiatives.

The Dubai Multi Commodities Centre free zone has attracted over 600 crypto companies, with extra companies flocking to the Dubai Worldwide Monetary Centre and One Central district because the nation positions itself as a frontrunner in digital finance.