Eau RakBank’s lender offers cryptographic retail customers with bitpanda



Rakbank, one of the oldest lenders of the United Arab Emirates (EAU), is allowing retail customers to access cryptocurrencies through an association with Crypto Exchange Bitpanda, based in Vienna, companies said on Tuesday.

Users can now access “a range of cryptocurrencies” through RakBank’s mobile bank application. The bank did not specify which cryptocurrencies would be offered at the time of publication.

The service includes buying, selling and exchanging cryptographic assets using Dirhams (AED), avoiding typical currency charges linked to the negotiation of dollars or euros.

Transactions are processed directly from the savings of users or current accounts, eliminating the need to transfer funds to and from third -party crypto exchanges, according to a press release.

The affiliate regulated by Dubai de Bitpanda, Bitpanda Broker Mena DMCC, will handle commercial execution. Bitpanda is already regulated in Germany and Vienna, and works with financial institutions such as Deutsche Bank and Raiffeisen Bank.

Rakbank, also known as the National Bank of Ras al Khaimah, is the first “conventional bank” in the EAU to connect users with digital assets, according to CEO Raheel Ahmed.

“We recognize the opportunity that this solution will provide to customers in the EAU, since we believe they deserve a trip of purchase, sale and exchange of more efficient cryptocurrencies and without problems that is completely regulated and completely in AED,” he said.

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