Rakbank, one of the oldest lenders in the United Arab Emirates (UAE), gives retail customers access to Cryptocurrencies through a partnership with Vienna-based Crypto Exchange Bitpanda, companies said Tuesday.
Users can now access “a variety of cryptocurrencies” via Rakbank’s mobile bank app. The bank did not specify which cryptocurrencies were offered at pressing time.
The service includes the purchase, sale and exchange of crypto assets using Dirhams (AED), where the typical currency costs are tied to trading in dollars or euros.
Transactions are processed directly from users’ savings or ongoing accounts, eliminating the need to transfer funds to and from third -party crypto exchanges, according to a press release.
Bitpandas Dubai-regulated associated company, Bitpanda broker Mena DMCC, will handle trade execution. Bitpanda is already regulated in Germany and Vienna and works with financial institutions such as Deutsche Bank and Raiffeisen Bank.
Rakbank, also known as the National Bank of Ras Al Khaimah, is the first “conventional bank” in UAE to connect users with digital assets, according to CEO Raheel Ahmed.
“We recognize the opportunity this solution will give customers in the UAE, as we believe they deserve a more efficient and trouble -free crypto purchase, sales and exchange travel that is fully regulated and completely in AED,” he said.
