RAKBANK becomes first UAE conventional bank to offer retail crypto trading via mobile app
A. SREENIVASA REDDY (ABU DHABI) RAKBANK has launched a pioneering crypto brokerage service through its mobile banking app, allowing retail customers to buy, sell, and swap cryptocurrencies directly from their dirham accounts, a statement from the bank said.The initiative makes RAKBANK the first conventional bank in the UAE to offer crypto trading, following a strategic partnership with Austrian fintech firm Bitpanda.'Through the service, customers can convert dirhams into a range of leading digital assets such as Ethereum (ETH), Solana (SOL), Ripple (XRP), Binance Coin (BNB), Chainlink (LINK), Tron (TRX), and Cardano (ADA),' according to FAQs on various aspects of crypto trading published on the bank's website.All transactions are executed in dirhams, eliminating the need for foreign currency transfers and associated losses.The service is enabled via Bitpanda's crypto trading platform, which is accessible through RAKBANK's app. Bitpanda's custody infrastructure holds the digital assets, which cannot be transferred between wallets.The FAQs also outline the procedures for trading. Users must link a RAKBANK current or savings account to access the service and ensure sufficient funds are available before placing orders through the crypto dashboard.'Customers can close their crypto accounts at any time by converting assets back to dirhams and raising a closure request within the app,' the FAQs state.The service is currently available by invitation only, with plans for a broader rollout in the coming months. The partnership is facilitated through Bitpanda Broker MENA DMCC, a Virtual Assets Regulatory Authority (VARA) regulated entity. Bitpanda is also licensed by several European regulators and operates as a trusted platform for over 6.5 million users worldwide, including major financial institutions like Deutsche Bank, Raiffeisen Bank, and N26.Commenting on the launch, Raheel Ahmed, Group CEO of RAKBANK, said, '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.'Bitpanda's Deputy CEO, Lukas Enzersdorfer-Konrad, added, 'Collaborating with RAKBANK is a big moment for digital assets in the region. Together, we're showing how crypto can be offered in a safe, regulated, and simple way — directly from a major conventional bank that customers already trust.'
Founded in Vienna in 2014, Bitpanda is recognised as Europe's leading crypto platform. It offers over 3,200 digital assets—including cryptocurrencies, stocks, ETFs, precious metals, and commodities—and maintains offices in Vienna, Barcelona, Berlin, and Bucharest. The firm is known for its strong regulatory standing and secure infrastructure, making it one of the most trusted trading platforms in the sector.
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