Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

RAKBANK (National Bank of Ras Al Khaimah), one of the UAE’s leading commercial banks, has announced plans to launch a new crypto brokerage service—shocking the industry and signaling a major step forward in the integration of traditional finance (TradFi) with the digital asset space. This bold move positions RAKBANK alongside a growing list of institutions embracing crypto, as investor demand for regulated and user-friendly access to digital assets continues to rise.

The upcoming service, set to be offered directly through the RAKBANK app, will allow clients to buy and trade crypto seamlessly in AED, offering exposure to top cryptocurrencies with minimal friction. The announcement comes at a key moment in the market: Bitcoin continues to consolidate just below its all-time highs, while altcoins show renewed volatility. Against this backdrop, news of TradFi adoption and institutional support strengthens long-term investor confidence.

For many, RAKBANK’s entry into the space represents more than just a new product—it reflects a broader shift in global finance. As regulatory clarity improves and major banks enter the sector, the foundation for long-term crypto growth becomes stronger.

RAKBANK Partners With Bitpanda

RAKBANK’s upcoming crypto brokerage service is built in partnership with Bitpanda, a leading European investment platform renowned for its regulatory compliance and robust infrastructure. The collaboration leverages the capabilities of Bitpanda Broker MENA DMCC, a licensed Virtual Asset Service Provider (VASP) regulated by the Virtual Assets Regulatory Authority (VARA) in the United Arab Emirates. This regulatory oversight ensures that RAKBANK customers will have trading access in a fully compliant and secure environment.

The service offers direct integration between the RAKBANK mobile app and Bitpanda’s platform, allowing users to buy and trade cryptocurrencies in AED using their RAKBANK current or savings accounts. There are no external transfers involved—streamlining the process and removing friction for users who prefer seamless, in-app functionality. This design also aligns with growing consumer demand for simplicity, speed, and trust when accessing digital assets.

As global adoption accelerates, the Middle East is emerging as a powerful hub alongside the U.S. for decentralized finance (DeFi) innovation and regulatory leadership. With VARA leading the charge and major banks like RAKBANK embracing digital assets, the region is quickly establishing itself as a destination for compliant crypto services. This development not only reflects growing institutional confidence but also signals the increasing normalization of crypto within traditional financial systems.

Crypto Market Cap Nears $4 Trillion As Momentum Builds

The total crypto market cap continues its strong uptrend, currently sitting at $3.85 trillion. The 3-day chart shows a clear breakout above previous resistance near $3.7 trillion, with the market now pushing toward the $4 trillion psychological barrier. The structure remains bullish, with higher highs and higher lows forming consistently since early May.

Price action remains well supported by the major moving averages. The 50 SMA sits at $3.1T, the 100 SMA at $3.06T, and the 200 SMA at $2.58T—all trending upward, reinforcing the strength of the rally. The market’s ability to stay well above these levels signals strong underlying demand, even as short-term volatility increases across altcoins.

Volume remains relatively stable, although it has not yet surged—suggesting this leg may still be in its early stages. A confirmed move above $4 trillion could trigger fresh inflows as traders chase breakout momentum, especially with macro conditions and institutional adoption aligning in favor of continued growth.

Featured image from Dall-E, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

X (formerly known as Twitter) is ramping up efforts to integrate financial services directly into its ecosystem and moving beyond its roots in social networking, the Financial Times reported on June 19.

According to the report, the social media giant is preparing to let users carry out a wide range of financial transactions within the app. This includes day-to-day payments like buying food or tipping content creators, as well as more advanced tools for investing and digital fund transfers.

X CEO Linda Yaccarino also confirmed that the company is exploring the launch of a branded debit or credit card by the end of the year.

Yaccarino, who took the helm in 2023 after Elon Musk acquired the social media platform, has overseen a period of rapid transformation.

Under her leadership, X has added capabilities such as AI tools, live video, audio calls, and the soon-to-launch XChat, an upgraded messaging system with encrypted communication and disappearing messages.

These changes have helped boost engagement, with usage metrics trending upward in recent quarters.

“Everything App”

These moves are part of a broader strategy to evolve X into an “everything app,” echoing Musk’s long-held vision of combining social media, entertainment, payments, and commerce under a single platform.

Meanwhile, the new financial features are expected to build upon earlier initiatives like X Money and a peer-to-peer payments system.

Notably, the Musk-owned platform has partnered with Visa to develop the X Money Account, a digital wallet that supports fund transfers and peer-to-peer payments.

X has obtained money transmitter licenses in over 4 US states and is registered with FinCEN to support its growing fintech stack. These regulatory moves give the company a green light to offer many types of financial services across major jurisdictions legally.

Crypto integration?

Despite this progress, it is unclear whether digital asset transactions will be part of the platform’s offerings.

This is surprising considering Musk has consistently expressed interest in crypto and some of his companies, like Tesla, hold Bitcoin on their balance sheets.

However, his social media platform has not confirmed plans to support crypto transactions. There is also no indication that the platform will launch a token, despite increased speculation from the community.

Still, many users expect X to embrace digital assets, given its tech-forward direction and Musk’s pro-crypto disposition.

Mentioned in this article