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RAKBank, one of the UAE's leading financial institutions, has entered into an agreement with Kraken, one of the largest digital asset trading platforms. UAE residents will be able to fund their crypto accounts with local fund transfers from any UAE bank, allowing them to trade virtual assets in dirhams.
Kraken has become the first global exchange to be fully licensed to operate as a regulated virtual asset exchange platform in the Abu Dhabi Global Marketplace.
Currently, Emiratis use foreign correspondent banks outside the UAE to fund their trading in virtual assets, which affects the cost and time of transfers. A partnership between RAKBank and Kraken will help solve these problems. Raheel Ahmed, CEO of RAKBank said:
Kraken’s UAE-based investors will be able to transact in virtual assets transparently and efficiently through an ADGM-regulated crypto exchange that has the ability to convert between Dh and crypto through the UAE Central Bank-regulated banking channels.
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