RAKBANK has launched what it states is the UAE’s first bank-integrated retail cryptocurrency trading platform, allowing customers to buy, sell, and swap digital assets directly through its mobile banking application. The service is provided in partnership with Bitpanda, a regulated digital asset infrastructure provider.
The platform is initially accessible on an invitation-only basis, with plans for a wider rollout in the coming months. Transactions on the platform will be settled in UAE dirhams, designed to eliminate foreign exchange fees for users.
Partnership and Offerings
The integrated platform leverages technology from Bitpanda, which holds regulatory licenses in both the UAE and Europe. RAKBANK has stated that the service aims to offer institutional-grade security within its existing mobile banking infrastructure. Initially, the platform supports trading in Bitcoin, Ethereum, USDT, XRP, and Solana. RAKBANK has indicated that it plans to expand the range of supported cryptocurrencies through collaborations with additional regulated issuers.
“RAKBANK has been a leader and pioneer in digital assets among UAE banks, and we are proud to be the first conventional bank in the UAE to enable simple, secure, and regulated access to a world-class digital assets platform.” Said Raheel Ahmed, Group CEO of RAKBANK, “We recognize the opportunity this solution will provide to customers in the UAE, as we believe they deserve a more efficient and seamless crypto buying, selling, and swapping journey that is fully regulated and entirely in AED.” Raheel added.
This initiative positions RAKBANK as the first conventional bank in the UAE to integrate cryptocurrency trading directly within its core retail banking services. Lukas Enzersdorfer-Konrad, Deputy CEO of Bitpanda, considers this collaboration a huge moment for digital assets in the UAE region.
Konrad stated. “This is exactly how the future of finance should look: simple, compliant, and built to meet real user needs.”
With over 3.5 million customer accounts, RAKBANK’s move into integrated crypto services could potentially influence the rate of retail crypto adoption in the UAE by offering traditional banking customers a familiar interface for digital asset transactions.
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