Rakbank becomes the first UAE Bank to offer Crypto Trading

The United Arab Emirates (UAE) is the first traditional bank in the country to offer a government-ved bank, National Bank of Ras Al Khamah (Rakbank), retail crypto trading.

In a Tuesday news release, the bank announced the introduction of a crypto brokerage service through its banking app, allowing customers to buy, sell and swap cryptocurrency directly to cryptocurrency.

“We recognize the opportunity that the solution will provide to customers in the UAE, as we believe that they are worth buying, selling and swapping a more efficient and uninterrupted crypto which is fully regulated and completely in the AED (Dirhams),” Rakhel Ahmed, CEO of the group of Rakbank.

The new offering is operated by Austria -based Bitpanda, which features a virtual assets Regulatory Authority (Vara) -Regulated unit Bitpanda Broker Mena DMCC in Dubai.

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Bank-supported crypto trading is now possible

Rakbank said that customers can trade crypto without the need to transfer funds to an external exchange or convert the betayen fiat currencies by eliminating the foreign exchange fee. Integration uses the infrastructure of Bitpanda to execute trades and manage custody.

“We are proud to be the first traditional bank in the United Arab Emirates, which agrees to the platform of a world -class digital assets, simple, safe and regulated,” claim.

The Crypto Trading Service is currently available only by invitation, a broad rollout is expected in the coming months.

Bitpanda Deputy CEO Lucas Angerdorfer-Konradarad called the partnership “a big thing for digital assets in the region”. Bitpanda is regulated

Cointelegraph reached Rakbank for comment, but did not react by publication.

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Rakbank launched a crypto platform in UAE

Last year, Rakbank participated with Bitpanda to create a digital asset management platform for the residents. The bank described digital assets as “future”, that they provide a more efficient and safe way to manage finance.

Rakbank’s push in Crypto comes as a UAE, which establishes itself as a primary destination for blockchain and crypto projects.

Dubai Multi Commodities Center Free Zone has attracted more than 600 crypto companies, with more firms as a country as a lead in Dubai International Financial Center and Digital Finance in a central district.