29.07.2025 22:59

RAKBank has pioneered a new era of banking in the UAE, becoming the first bank to offer its customers direct cryptocurrency trading in dirhams. This groundbreaking initiative, facilitated by a partnership with Bitpanda, seamlessly integrates secure crypto trading directly into the RAKBank mobile application.

Unlike traditional cryptocurrency trading, this service eliminates the need for cumbersome transfers to external exchanges and avoids costly foreign currency conversions. All transactions are conducted entirely in AED, simplifying the process and reducing expenses for users. This innovative approach streamlines the trading experience, keeping it both efficient and compliant with UAE regulations.

The collaboration with Bitpanda, a company operating under the supervision of Dubai's Virtual Assets Regulatory Authority and several European regulatory bodies, provides a robust regulatory framework for this service. Bitpanda’s established partnerships with major European financial institutions, such as Deutsche Bank and N26, further underscore its credibility and experience in this sector. This partnership allows RAKBank to leverage Bitpanda's proven infrastructure to bring this secure and regulated crypto trading option to its retail banking customers in the UAE.

Currently, access to this new crypto trading feature is limited to an initial group of invited customers. However, RAKBank plans a phased rollout to expand access to a broader base of its customer population over the coming months. The bank views this service as a key response to growing customer demand for a more convenient and secure way to engage with the cryptocurrency market, thereby merging traditional banking with the emerging digital asset landscape.