RAKBANK Becomes First UAE Commercial Bank To Offer Cryptocurrency Trading Services Via Bitpanda

RAKBANK has made a significant move in the digital currency sector by introducing a service that allows individual customers to engage in digital currency trading directly through its mobile app. This initiative marks RAKBANK as the pioneer commercial bank in the UAE to offer such a service to its customers, enabling them to buy, sell, and exchange cryptocurrencies with ease.

The introduction of this service is a collaborative effort between RAKBANK and Bitpanda, showcasing a partnership that leverages Bitpanda's reputable and scalable digital asset platform. Bitpanda, regulated by the UAE Virtual Assets Regulatory Authority (VARA) through its subsidiary Bitpanda Broker MENA DMCC, brings a layer of trust and reliability to this venture.

This service is not only innovative but also user-centric, offering RAKBANK customers a seamless and efficient way to access digital currencies. Transactions are facilitated in dirhams, directly from the customer's existing RAKBANK accounts, thereby streamlining the process by removing the need for transferring funds to different platforms or worrying about foreign exchange conversion charges. This is made possible through the bank's collaboration with Bitpanda, which provides a best-in-class platform for these transactions.

Group CEO of RAKBANK, Raheel Ahmed, stated, "We appreciate the opportunity this solution presents to our UAE customers, who we believe deserve a more efficient and seamless experience for buying, selling, and exchanging digital currencies, fully regulated and denominated in UAE dirhams. With this service, delivered through our award-winning digital app and in partnership with a leading digital currency exchange, we remain committed to our strategy of being a digital bank with a human touch."

Lukas Enzersdorfer Conrad, Executive Vice President of Bitpanda, highlighted the significance of this collaboration. "The collaboration with RAKBANK represents a pivotal moment for digital assets in the region. Together, we are demonstrating how to make digital currencies available in a safe, regulated, and simple way, directly from a major commercial bank that already has the trust of customers. This is exactly what the future of finance should look like: easy, compatible, and designed to meet real user needs."

Currently, access to this pioneering service is by invitation only, with plans to extend it to a broader customer base in the upcoming months. This phased approach ensures a smooth rollout and reinforces the bank's commitment to providing a secure and user-friendly platform for digital currency transactions.