Would you buy cryptocurrency if your bank offered it?

19/09/2025 02:34 AST

Up until now, cryptocurrencies have only been available via specialised exchanges and platforms. But in the UAE, banks are starting to offer a simpler alternative to buying and selling crypto.

This week, RAKBANK went live as the first "traditional" bank in the Emirates to offer crypto services to its customers. Through a partnership with Bitpanda, a leading European crypto platform, RAKBANK customers can now buy, sell, and hold eight of the most established digital currencies including Bitcoin, Ethereum, Solana and XRP directly from the RAKBANK mobile app.

As Vikas Suri, Managing Director and Co-Head of Wholesale Banking at RAKBANK, explained at the launch event this week: "We saw a lot of people globally, and in the UAE, investing in crypto. But the way they were doing it was convoluted - unregulated, costly, and time-consuming. We wanted to make it easy for our resident UAE customers to invest in crypto assets in a safe, regulated manner."

For Suri, it's about access. Bitpanda provides the back-end platform, while RAKBANK offers the trusted "portal." Importantly, Bitpanda is regulated by Dubai's Virtual Assets Regulatory Authority (VARA), giving customers confidence that oversight is in place.

Nadeem Ladki, Global Head of Bitpanda Technology Solutions, described the partnership as a meeting of complementary strengths. "We wanted to join forces with a bank that could move fast and had the breadth of retail customer base. RAKBANK really fit that bill."

Together, the two organisations are also co-developing educational content, aiming to guide first-time investors through the risks and realities of digital assets. Emirates NBD's digital bank Liv already offers crypto, and industry observers expect more banks to follow.

Who do people trust?
For years, big crypto exchanges like Binance, Bybit and OKX have been the primary gateways for investors. But exchanges have also been at the centre of global scandals from hacks and frauds to spectacular collapses like FTX.

That history has left a trust gap. A recent survey found that nearly half of UAE retail investors don't fully trust crypto exchanges. Meanwhile, 67% of UAE residents say they are interested in investing in crypto in the coming years.

As Shireen Kapoor, founder of ASK Consultancy, put it: "Most people still fundamentally trust their bank more than they trust a crypto exchange. Banks are seen as stable, secure, and backed by regulators. That matters."

By embedding crypto directly into banking apps, that trust gap starts to shrink. Customers don't have to transfer funds to an unfamiliar platform or worry about managing private keys. Instead, they can potentially buy crypto as easily as they would pay a bill.

For beginners, this development could be transformative as crypto has often been intimidating for casual investors: confusing interfaces, jargon, and the fear of making an irreversible mistake. Now, a first-time buyer can simply log into the RAKBANK app, click "Crypto," and purchase Bitcoin in the same way they might top up their mobile wallet.

By partnering with Bitpanda, RAKBANK secures a first-mover advantage in a region racing to become a global hub for digital assets. As Suri noted, the bank has "been the first in a lot of things" in this market, and crypto is just the latest chapter.

So, should you buy crypto through your bank? That depends on your goals. If you're dipping your toe into digital assets for the first time, doing so through a regulated bank app may feel more comfortable than navigating a crypto exchange. You'll have fewer choices when it comes to coins and tokens, and fees may be higher, but the trade-off is security and peace of mind.

The bigger picture. Kapoor summed it up best: "The partnership between RAKBANK and Bitpanda isn't just a one-off headline. It's a glimpse into the future of how crypto will embed itself into traditional finance, especially in a progressive market like the UAE."

Before you buy
Here are three essential questions you need to ask yourself before you go on your crypto journey:

- Do I understand what I'm buying?

Crypto isn't like buying a stock or gold. It's a new asset class with unique risks, from blockchain technology to market volatility. Beginners need to be clear on what Bitcoin or Ethereum actually represent, and avoid being swayed by hype.

- Can I afford to lose this money?

Crypto markets are volatile. You might double your money - or lose most of it overnight. Experts often recommend only investing what you can afford to lose without damaging your lifestyle or financial security.

- Do I have a long-term or short-term plan?

Are you looking to trade daily, hold for years, or just test the waters? Having a clear strategy helps avoid panic selling during downturns or chasing quick wins.

Khaleej Times