Rakbank becomes the first UAE bank to offer crypto trading for retail
Rakbank became the first traditional bank in the UAE to enable crypto trading for retail users through its mobile app, powered by Bitpanda.
The National Bank of Ras Al Khaimah (Rakbank), a government-owned bank in the United Arab Emirates (UAE), is the first conventional bank in the country to offer retail crypto trading.
In a Tuesday news release, the bank announced the launch of a crypto brokerage service through its mobile banking app, allowing customers to buy, sell and swap cryptocurrencies directly from their UAE dirham accounts.
“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 [dirhams],” said Raheel Ahmed, group CEO of Rakbank.