Rakbank, one of the oldest lenders in the United Arab Emirates (UAE), is making its retail customers accessible to cryptocurrencies through a partnership with Vienna-based Crypto Exchange Bitpanda, the company said Tuesday.
Users can now access “various cryptocurrencies” through Rakbank’s mobile banking app. The bank did not specify which cryptocurrencies would be offered by press time.
The service includes avoiding typical foreign exchange charges related to buying and selling, exchange of crypto assets using Dirhams (AED), and trading in dollars or euros.
Transactions are processed directly from the user’s savings or checking account, and, according to a press release, eliminate the need to transfer funds to and from third-party crypto exchanges.
Bitpanda Broker Mena DMCC, Bitpanda’s Dubai controlled affiliate, handles the execution of the trade. Bitpanda is already regulated in Germany and Vienna and is working with financial institutions such as Deutsche Bank and Raiffeisen Bank.
According to CEO Raheel Ahmed, Rakbank, also known as the Rasal Khaimah National Bank, is the first “traditional bank” in the UAE to connect users with digital assets.
“We recognize the opportunity this solution will offer UAE customers because they believe it deserves more efficient and seamless crypto trading, exchanges, that are fully regulated and fully regulated by AED,” he said.