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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

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The National Bank of Ras Al Khaimah (RAKBANK), a government-owned bank in the United Arab Emirates (UAE), is the first conventional bank in the country to offer retail crypto trading.

In a Tuesday news release, the bank announced the launch of a crypto brokerage service through its mobile banking app, allowing customers to buy, sell and swap cryptocurrencies directly from their UAE dirham accounts.

“We recognize the opportunity this solution will provide to customers in the UAE, as we believe they deserve a more efficient and seamless crypto buying, selling and swapping journey that is fully regulated and entirely in AED [dirhams],” said Raheel Ahmed, group CEO of RAKBANK.

The new offering is powered by Austria-based Bitpanda, with transactions facilitated by Bitpanda Broker MENA DMCC, a Virtual Assets Regulatory Authority (VARA)-regulated entity in Dubai.

Related: Dubai regulator clarifies real-world asset tokenization rules

Bank-backed crypto trading now possible

RAKBANK said customers can trade crypto without needing to transfer funds to an external exchange or convert between fiat currencies, eliminating foreign exchange fees. The integration uses Bitpanda’s infrastructure to execute trades and manage custody.

“We are proud to be the first conventional bank in the UAE to enable simple, secure, and regulated access to a world-class digital assets platform,” Ahmed said.

The crypto trading service is currently available by invitation only, with a broader rollout expected in the coming months.

Lukas Enzersdorfer-Konrad, deputy CEO of Bitpanda, called the partnership “a big moment for digital assets in the region.” Bitpanda is regulated in multiple European jurisdictions and has existing institutional partnerships with Deutsche Bank, N26 and Raiffeisen Bank.

Cointelegraph reached out to RAKBANK for comment but had not received a response by publication.

Related: Dubai taps Crypto.com to enable crypto payments for govt services

RAKBANK launches crypto platform in UAE

Last year, RAKBANK partnered with Bitpanda to build a digital asset management platform for residents. The bank described digital assets as the “future,” adding that they offer a more efficient and secure way for customers to manage finances.

RAKBANK’s push into crypto comes as the UAE strives to establish itself as a primary destination for blockchain and crypto projects.

The Dubai Multi Commodities Centre free zone has attracted over 600 crypto companies, with more firms flocking to the Dubai International Financial Centre and One Central district as the country positions itself as a leader in digital finance.

Last month, the Dubai Financial Services Authority, the financial regulator in charge of the Dubai International Financial Centre, approved Ripple’s RLUSD stablecoin. 

Magazine: Fake Rabby Wallet scam linked to Dubai crypto CEO and many more victims

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