In a groundbreaking move, RAKBANK has launched the UAE’s first dirham-based cryptocurrency trading service directly within its mobile app. This innovation positions the bank at the forefront of the UAE’s fintech revolution, offering users a seamless way to trade digital assets like Bitcoin and Ethereum using AED—no currency conversions needed. Here’s why this is a game-changer.
Why RAKBANK’s UAE Crypto Trading Service is a Big Deal
RAKBANK’s integration with Bitpanda allows users to buy, sell, and swap cryptocurrencies without the hassle of converting AED to USD or relying on offshore platforms. Key benefits include:
- No cross-border fees: Trade directly in AED, avoiding costly conversions.
- Regulated and secure: Backed by Dubai’s Virtual Assets Regulatory Authority (VARA).
- Seamless banking integration: Access crypto without leaving your banking app.
How Bitpanda Powers RAKBANK’s Crypto Trading
Bitpanda, a trusted European crypto platform, brings its expertise to the UAE through this partnership. The service supports trading in major cryptocurrencies like Bitcoin, Ethereum, Solana, and Ripple, with plans to expand. Transactions are settled in AED, simplifying the process for local users.
The UAE’s Fintech Ambitions Take a Leap Forward
This launch aligns with the UAE’s strategy to become a global digital asset hub. With over 600 crypto firms in Dubai’s DMCC and initiatives like Ripple’s RLUSD stablecoin, the region is rapidly embracing blockchain innovation. RAKBANK’s move sets a precedent for other banks to follow.
What’s Next for Crypto in the UAE?
While currently invitation-only, RAKBANK plans to expand access soon. This development could inspire other Gulf banks to integrate crypto services, further solidifying the UAE’s leadership in fintech.
FAQs
1. Which cryptocurrencies can I trade on RAKBANK’s app?
Initially, Bitcoin, Ethereum, Solana, and Ripple are supported, with more assets to be added.
2. Is this service regulated?
Yes, Bitpanda Broker MENA DMCC is regulated under Dubai’s VARA, ensuring compliance and security.
3. Do I need to convert AED to USD to trade?
No, all transactions are conducted in AED, eliminating conversion fees.
4. When will the service be available to all users?
RAKBANK plans to roll out broader access in the coming months.
