RAKBANK, the National Bank of Ras Al Khaimah (Public Joint Stock Company), has made history as the first traditional bank in the United Arab Emirates to offer cryptocurrency trading directly to retail clients.
Through its banking app, customers can now buy, sell, and exchange cryptocurrencies using UAE dirhams (AED) without the need to transfer funds to external exchanges or pay currency conversion fees.
This innovative service is a result of a partnership with Bitpanda, a licensed cryptocurrency platform regulated by the Dubai Virtual Assets Regulatory Authority (VARA). The platform supports eight popular cryptocurrencies, with transactions processed through dirham accounts. Bitpanda handles storage and execution, leveraging its robust infrastructure.
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Bitpanda, a Vienna-based fintech company founded in 2014, has also established collaborations with major financial institutions like Deutsche Bank, N26, and Raiffeisen, showcasing its growing influence in the crypto space. As one of the oldest and most dynamic banks in the UAE, RAKBANK’s move signals a significant step toward mainstream cryptocurrency adoption in the region.
This development underscores the UAE’s ambition to become a global hub for digital assets, offering seamless and cost-effective trading options to its residents.
