UAE’s Rakbank is partnering with global crypto platform Kraken to allow residents to fund their crypto accounts through local transfers from any bank in the country.
Currently, crypto investors in the UAE need to use foreign correspondents to fund their trading, Rakbank said in a statement, making them “incur high foreign exchange costs and fees, experience long lead and subject to overseas-jurisdiction asset governance.”
The partnership will allow UAE residents to fund their account faster within the country’s jurisdiction, the bank said.
Its chief executive officer Raheel Ahmed explained: “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 AED and crypto through UAE Central Bank-regulated banking channels.”
“We are pleased to support the UAE’s vision of becoming a global hub for virtual assets. We believe this offering will enable a simpler, faster and cheaper solution for UAE residents,” he added.
US-based Kraken was the first global crypto exchange platform to get a license by UAE regulator Abu Dhabi Global Market.
Ahmed Jassim Al Zaabi, ADGM’s chairman, said the Rakbank-Kraken tie-up plays well into Abu Dhabi’s “role as a catalyst for virtual-asset innovation.”
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