Rakbank, one of the oldest lenders of the United Arab Emirates (Water), allows retail customers to access cryptocurrencies thanks to a partnership with Bitpanda from Crypto Exchange based in Vienna, companies announced on Tuesday.
Users can now access “a range of cryptocurrencies” via Rakbank’s mobile banking application. The bank did not specify which cryptocurrencies would be offered at the time of the press.
The service includes the purchase, sale and exchange of cryptographic assets using dirhams (AED), avoiding typical exchange costs linked to negotiations in dollars or euros.
Transactions are processed directly from the economies of users or current accounts, eliminating the need to transfer funds to and from third -party cryptography exchanges, according to a press release.
The affiliate regulated by Bitpanda, Bitpanda Broker Mena DMCC, will manage the execution of the trade. Bitpanda is already regulated in Germany and Vienna, and works with financial institutions like Deutsche Bank and Raiffeisen Bank.
Rakbank, also known as the National Bank of Ras Al Khaimah, is the first “conventional bank” to water to connect users with digital assets, according to CEO Raheel Ahmed.
“We recognize the opportunity that this solution will offer water customers, because we believe that they deserve a more efficient and more transparent purchase of purchase, sales and exchange of crypto exchange which is entirely in AED,” he said.
