RAKBANK partners with Bitpanda to offer secure, real-time crypto trading in UAE, enabling AED transactions directly via mobile banking.
RAKBANK, officially known as the National Bank of Ras Al Khaimah, has become the first conventional bank in the United Arab Emirates (UAE) to offer crypto trading services to retail customers. The announcement is a significant move towards bringing digital assets to mainstream banking in the region. The move is considered to be a part of the general trend of the UAE to establish itself as a global leader in the field of regulated crypto services.
RAKBANK Launches In-App Crypto Trading with Bitpanda
On Tuesday, RAKBANK announced in a press release that it had launched a new crypto brokerage service in its mobile banking app. The customers are able to purchase and sell as well as exchange cryptocurrencies with their bank accounts through this service. The process is made convenient by the fact that all transactions are made using UAE dirhams (AED) eliminating charges that are made on foreign exchange and delays that occur in the process.
In order to facilitate this service, RAKBANK has teamed up with Bitpanda, which is a worldwide platform on digital assets and is based in Austria. Bitpanda Broker MENA DMCC operates from Dubai and holds regulation from the Dubai Virtual Assets Regulatory Authority (VARA). This regulation ensures that all operations comply with local laws. As a result, the procedure remains both secure and legal. The partnership will enable clients of the RAKBANK to use the platform of Bitpanda without having to deposit funds on other crypto exchanges.
In addition to this, the integration allows real-time trading directly out of the savings or current account of the user and does not require the historical barriers of fiat-to-crypto conversion. This simplifies the process of trading cryptocurrencies and makes the process cheaper to operate regularly. Moreover, the fact that Bitpanda is highly regulated in Europe contributes to the further credibility and consumer protection of the collaboration.
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RAKBANK Empowers Users with Safe and Transparent Crypto Trading
RAKBANK Group CEO Raheel Ahmed claimed that the bank will empower its customers with the digital asset services that are modern and seamless. He has pointed out that this offering is in line with the vision of the bank of combining innovation and easy-to-use services. The ability to trade crypto in a safe, regulated environment will enable RAKBANK to empower the residents of the UAE to have greater access to their financial resources.
Lukas Enzersdorfer-Konrad, the Deputy CEO of Bitpanda, also hailed the venture as a milestone of digital finance in the Middle East. In his opinion, the possibility of directly getting crypto in a traditional bank is the future of finance, which is convenient, transparent, and not violating the law.
This project can have even wider applications in the financial sector of the UAE. Other banks may follow suit as they watch the strategy of RAKBANK, and thus, other partnerships may emerge. This would also incorporate crypto into the banking system in the country more so as regulatory clarity also seems to be increasing.
Meanwhile, RAKBANK has put a premium on the significance of educating customers. The platform makes the process of crypto trading much easier, but digital assets are volatile by nature. The bank will offer educational resources and onboarding assistance to make sure that the customers are aware of the risks.
To sum up, the crypto service by RAKBANK is an innovative, regulated, and secure service that provides the trade of digital assets in the UAE. It is an indication of the increasing trend of partnership between established financial institutions and fintech startups, establishing a new model of how established banks can be responsible for integrating the emerging technologies.
