Rakbank becomes first UAE Bank to offer Crypto trading

The National Bank of Ras Al Khaimah (Rakbank), a government-owned bank in the United Arab Emirates (UAE), is the first conventional bank in the country that offers retail Crypto trade.

On a news release on Tuesday, the bank announced Launching a crypto brokerage service via the mobile banking app, which allows customers to buy, sell and change cryptocurrencies directly from their UAE Dirham accounts.

“We acknowledge the opportunity this solution will provide to UAE customers, because we believe they deserve a better and seamless crypto purchase, sale and travel transformation that is fully controlled and completely AED (Dirhams),” said Raheel Ahmed, CEO of the Rakkank Group.

The new offer was strengthened by Austria -based Bitpanda, with transactions facilitated by Bitpanda Broker Mena DMCC, a Virtual Asset Regulatory Authority (VARA) -regulated entity in Dubai.

Related: Dubai Regulator has clarified the real-world tokenization rules

Crypto trading is possible backed to the bank

Rakbank said customers can exchange crypto without having to transfer funds to an external exchange or converting between fiat currencies, deleting foreign exchange fees. Integration uses the infrastructure of the Bitpand to perform the goods and manage the care.

“We are proud to be the first conventional UAE bank to enable simple, secure, and regulated access to a digital class platform,” Ahmed said.

The Crypto Trading Service is currently available by invitation only, with a broader controlling to be expected in the coming months.

Lukas Enzersdorfer-Konrad, Deputy CEO of Bitpanda, called the cooperation “a big moment for digital properties in the region.” Bitpanda is controlled in many European constituents and has existing institution partnerships with Deutsche Bank, N26 and Raiffeisen Bank.

Cointelegraph took the rakbank to comment but did not receive a response by publishing.

Related: Dubai Taps Crypto.com to enable crypto payments for Govt services

Rakbank launched the crypto platform in the UAE

Last year, Rakbank Collaborated with Bitpanda To produce a digital asset management platform for residents. The bank described digital assets as “future,” adding that they offer a better and safe way for customers to manage finance.

Rakbank’s pushing to Crypto arrives as the UAE is trying to promote itself as a major destination for Blockchain and Crypto projects.

The Dubai Multi Commodities Center Free Zone are attracting more than 600 crypto companies.