In a groundbreaking move, RAKBANK has become the first traditional bank in the UAE to offer dirham-based cryptocurrency trading directly through its mobile app. This innovation positions the bank at the forefront of the UAE’s fintech transformation, providing users with a seamless way to trade digital assets like Bitcoin and Ethereum using AED.
Why RAKBANK’s Dirham-Based Crypto Trading is a Game-Changer
RAKBANK’s new service eliminates the need for users to convert AED to USD or rely on offshore platforms. Here’s why this matters:
- No Currency Conversion: Trade directly in AED, avoiding extra fees.
- Regulated and Secure: Powered by Bitpanda, a platform regulated under Dubai’s VARA.
- Integrated Banking: Access crypto without leaving your banking app.
How Bitpanda Powers RAKBANK’s Crypto Service
Bitpanda, a trusted name in European crypto trading, brings its expertise to the UAE. The platform supports initial trading in Bitcoin, Ethereum, Solana, and Ripple, with plans to expand. Transactions are settled entirely in AED, simplifying the process for local users.
The UAE’s Fintech Push: A Global Digital Asset Hub
The UAE is rapidly establishing itself as a leader in digital finance. With over 600 crypto-related firms in the DMCC and initiatives like Ripple’s RLUSD stablecoin, RAKBANK’s move aligns perfectly with the nation’s ambitions.
What’s Next for RAKBANK and UAE Crypto Trading?
Currently invitation-only, the service will soon expand to more users. This development could set a precedent for other banks in the region, further integrating crypto into mainstream banking.
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 the service regulated?
Yes, Bitpanda Broker MENA DMCC is regulated under Dubai’s VARA.
3. Do I need to convert AED to USD to trade?
No, all transactions are executed and settled in AED.
4. When will the service be available to all users?
RAKBANK plans to broaden access in the coming months.
