RAKBANK, one of many oldest lenders within the United Arab Emirates (UAE), is permitting retail prospects entry to cryptocurrencies by way of a partnership with Vienna-based crypto change Bitpanda, the businesses stated on Tuesday.
Customers can now entry Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and Ripple (XRP) by way of RAKBANK’s cellular banking app, with plan to broaden to extra cash within the supply within the coming months, a spokesman stated by way of electronic mail.
The service contains shopping for, promoting and swapping crypto belongings utilizing dirhams (AED), sidestepping the everyday international change prices tied to buying and selling in {dollars} or euros.
Transactions are processed instantly from customers’ financial savings or present accounts, eliminating the necessity to switch funds to and from third-party crypto exchanges, based on a press launch.
Bitpanda’s Dubai-regulated affiliate, Bitpanda Dealer MENA DMCC, will deal with commerce execution. Bitpanda is already regulated in Germany and Vienna, and works with monetary establishments like Deutsche Financial institution and Raiffeisen Financial institution.
RAKBANK, also referred to as the Nationwide Financial institution of Ras Al Khaimah, is the primary “typical financial institution” within the UAE to attach customers with digital belongings, based on CEO Raheel Ahmed.
“We acknowledge the chance this resolution will present to prospects within the UAE, as we imagine they deserve a extra environment friendly and seamless crypto shopping for, promoting and swapping journey that’s absolutely regulated and fully in AED,” he stated.