A bank in the United Arab Emirates, the National Bank of Ras Al Khaimah (Rakbank), has introduced a digital asset service that lets users buy, sell, and swap cryptocurrencies directly through its mobile app.
According to a July 29 press release, this new feature allows transactions in dirhams, so customers can trade without sending money to external platforms or switching between currencies.
As a result, there are no added exchange fees or delays. The service is currently available by invitation only, but Rakbank said it plans to expand access in the near future.
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The system is powered by Bitpanda, a fintech company based in Austria. In the UAE, transactions are handled by Bitpanda Broker MENA DMCC, which is regulated by Dubai’s Virtual Assets Regulatory Authority (VARA).
Bitpanda’s infrastructure supports both the execution of trades and the custody of assets.
Rakbank CEO Raheel Ahmed explained that the bank wanted to make crypto trading more accessible for customers. He emphasized the importance of providing a straightforward and fully regulated process for trading digital assets with local currency.
The launch makes Rakbank the first traditional bank in the UAE to offer this type of crypto service to the general public. Customers can manage their trades entirely within the Rakbank app, with no need for third-party crypto platforms.
On July 28, PayPal introduced Pay with Crypto for small businesses in the United States. How does it work? Read the full story.
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