• Rakbank launched the UAE’s first crypto dealer from conventional banks.
• Bitpanda will improve its service and permit customers to purchase, promote and trade Crypto with AED.
• All transactions are totally regulated by way of Bitpanda’s Vara-Licensed entity.

Rakbank has formally develop into the primary conventional financial institution within the UAE, which supplies cryptocurrency securities companies instantly by way of a cell banking app. This improvement takes a notable step in bridging conventional banking and is a quickly evolving world of digital belongings.

Financial institution App Crypto Buying and selling with Bitpanda

The brand new service is the results of the strategic partnership between Rakbank and Bitpanda, one among Europe’s most trusted digital asset infrastructure suppliers. Bitpanda’s platform is built-in into Rakbank’s cell app, permitting prospects to simply purchase and promote cryptocurrency.

All transactions shall be carried out within the UAE Dirham (AED) to get rid of the necessity for international trade conversions and related charges. The crypto buying and selling journey is streamlined. Customers can execute transactions instantly from current Rakbank present or financial savings accounts with out transferring funds to exterior cryptocurrency platforms.

Totally regulated and secure

Particularly, the service operates below a strong regulatory framework. Bitpanda will promote crypto buying and selling by way of Bitpanda Dealer Mena DMCC, a Dubai-based Digital Asset Regulatory Authority (VARA) regulatory entity. Bitpanda can also be regulated in a number of European jurisdictions and provides a excessive stage of surveillance and compliance.

With these efforts, Rakbank is offering prospects with safe, compliant and dependable entries into the digital asset area.

Associated: Land Division of Dubai issuing property title certificates in XRP ledgers

Invitation-only launch with a wider rollout

At present, the Crypto Brokerage service is obtainable just for invites. There are plans in place to steadily develop entry to a wider buyer base over the subsequent few months.

The service is predicted to attraction to tech-savvy customers and buyers who’re on the lookout for handy methods to handle crypto belongings together with conventional banking wants.

Raheel Ahmed, group CEO of Rakbank, mentioned:

“Rakbank is a frontrunner and pioneer in digital belongings at UAE Banks. We’re proud to be the primary conventional financial institution within the UAE to allow easy, safe and controlled entry to world-class digital asset platforms.”

Bitpanda Lukas Enzersdorfer-Konrad’s deputy CEO added that teaming up with Rakbank is a pivotal second for the UAE crypto belongings. “Collectively, we present methods to ship cryptography in a safe, regulated, easy approach,” says Enzersdorfer-Konrad.

With this launch, Rakbank shall be main the area’s digital finance motion. Banks are in keeping with the UAE’s broader technique to ascertain themselves as a worldwide hub for digital belongings and fintech innovation.