The National Bank of Ras Al Khaimah (RAKBANK) has partnered with crypto firm Bitpanda to provide a platform on which residents in the UAE can manage their digital assets.

After launch, Bitpanda said RAKBANK customers will be able to pursue various digital assets use cases and settle securely with payment tokens.

The partnership is subject to the Central Bank of the UAE’s approval.

Bitpanda added that the provision of services is contingent upon its broker receiving operational approval and a licence from the Virtual Assets Regulation Authority (VARA).

“This partnership is poised to fill the gap in the market for a trustworthy and regulated banking platform to provide access to digital assets,” said Dongjun Choi, group chief customer officer of RAKBANK. “By merging our expertise, we aim to revolutionise the traditional financial landscape for the benefit of our customers, enabling them to explore a broader range of digital assets opportunities.”

Earlier this month, Bitpanda announced that it had joined Solaris’ KYC platform.
Bitpanda will use the embedded finance company’s digital KYC tool to identify customers in Germany.

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