UAE's Rakbank has partnered with the international cryptocurrency exchange Kraken to enable citizens to fund their cryptocurrency accounts using domestic transfers from any bank in the nation. US-based Kraken was the first global crypto exchange platform to get a license by UAE regulator Abu Dhabi Global Market. This partnership is significant because currently, to finance their trading, cryptocurrency investors in the UAE must employ overseas correspondents.
Rakbank said in a statement, that the current mechanism is making the investors “incur high foreign exchange costs and fees, experience long lead and subject to overseas-jurisdiction asset governance.”
The Chief executive officer of Rakbank, 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 can 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."
According to Ahmed Jassim Al Zaabi, the Chairman of Abu Dhabi Global Market, the partnership between Rakbank and Kraken plays well into Abu Dhabi’s “role as a catalyst for virtual-asset innovation.”
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