RAKBANK Launches Crypto Services Through Mobile App
RAKBANK, one of the UAE’s oldest and most trusted financial institutions, has taken a bold step into the digital asset space. In a strategic partnership with Bitpanda, the bank is now offering retail customers access to cryptocurrency trading directly through its mobile banking app.
This marks the first time a traditional bank in the UAE has launched retail crypto trading — a move set to reshape the region’s financial landscape.
Customers can now buy, sell, and swap cryptocurrencies using AED, with all transactions settling directly in dirhams. This eliminates the need for foreign exchange conversions, which typically add friction and fees when trading in dollars or euros.
Crypto Access Without Third-Party Exchanges
Unlike other platforms, RAKBANK’s solution is fully integrated into users’ existing current and savings accounts.
No need to transfer funds to external crypto exchanges — users can manage their digital assets within the same app they use for everyday banking.
Bitpanda’s licensed entity in Dubai, Bitpanda Broker MENA DMCC, handles the trade execution, ensuring compliance with local regulations. Bitpanda is already regulated in Austria and Germany, and is known for its partnerships with major European banks, including Deutsche Bank.
Invitation-Only Rollout With Broader Expansion Coming Soon
The crypto trading service will initially launch by invitation only, with plans for broader availability in the near future. RAKBANK has not yet disclosed which cryptocurrencies will be available, but early adopters will likely have access to top digital assets such as Bitcoin, Ethereum, and other popular coins.
Transactions are settled in AED, offering seamless conversion and full transparency for local users.
A Game-Changer for UAE’s Crypto Ecosystem
With this move, RAKBANK positions itself at the forefront of fintech innovation in the Middle East, signaling growing mainstream acceptance of crypto in the region. As digital assets continue to gain traction, banks offering secure, regulated access to crypto will likely lead future adoption trends.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.