RAKBANK Pioneers UAE’s First Dirham-Based Crypto Trading App, Accelerating Fintech Innovation
RAKBANK has made history by launching the UAE’s first dirham-based cryptocurrency trading service directly within its mobile app. This groundbreaking move positions the bank at the forefront of the UAE’s fintech revolution, offering users seamless access to digital assets without the hassle of currency conversions or offshore platforms.
Why RAKBANK’s Dirham-Based Crypto Trading Matters
For the first time, UAE residents can trade cryptocurrencies using their local currency (AED) without converting to USD or relying on international platforms. This eliminates:
- Cross-border transaction fees
- Currency conversion costs
- Regulatory uncertainties
How Bitpanda Powers RAKBANK’s Crypto Service
The partnership with Bitpanda brings regulatory credibility through VARA licensing. Key features include:
Feature | Benefit |
---|---|
AED-denominated trades | No currency conversion needed |
Initial coin support | BTC, ETH, SOL, XRP available |
Banking integration | Seamless fund transfers |
The UAE’s Fintech Push Gains Momentum
This launch aligns with Dubai’s strategy to become a global crypto hub, building on existing initiatives:
- 600+ crypto firms in DMCC
- Ripple’s RLUSD stablecoin project
- VARA’s progressive regulation
What This Means for Crypto Adoption
RAKBANK’s move bridges traditional banking and digital assets, potentially setting a regional precedent. The service currently operates as invitation-only but plans to expand access soon.
FAQs About RAKBANK’s Crypto Service
Q: Which cryptocurrencies can I trade?
A: Initially Bitcoin, Ethereum, Solana, and Ripple, with more to come.
Q: Are there any conversion fees?
A: No, all transactions occur directly in AED.
Q: Is this service regulated?
A: Yes, through Bitpanda’s VARA license in Dubai.
Q: When will it be available to all customers?
A: RAKBANK plans to expand access in coming months.