UAE-based bank RakBank has launched a cryptocurrency brokerage service through a partnership secured with BitPanda, an event that was formally announced at the Museum of the Future, with over 250 guests attending, one of Dubai’s key tourist attractions, as per an official press release.
Using Bitpanda’s infrastructure, RakBank customers will be able to buy, sell, and trade cryptocurrencies.
The move comes as multiple banks in the region are mulling securing a foothold in the cryptocurrency sector, with some offering indirect exposure through established crypto entities.
Apart from keynote speeches from CEOs of both companies, leadership representatives from VARA—Dubai’s cryptocurrency regulatory authority— and BlackRock were there to contribute insights as well.
Headquartered in Ras Al Khaimah—one of the seven emirates in the UAE—RakBank was created in 1976. It is publicly traded on the Abu Dhabi Securities Exchange (ADX) and is majority owned by the Government of Ras Al Khaimah.
“By enabling AED crypto trading directly through our award-winning app, in collaboration with a leading crypto trading platform, we are removing barriers by making it simple for all customers to access and navigate the world of digital assets in a secure manner. We are proud to be the first conventional bank in the UAE to offer this service in a fully regulated way,” said RakBank Group CEO Raheel Ahmed.