Crypto exchange Bitpanda has entered a strategic partnership with RAKBANK, a state-backed bank in Dubai, marking its first expansion into the Middle East.

RAKBANK, one of the oldest banks in the United Arab Emirates, has joined forces with Vienna-based cryptocurrency exchange Bitpanda to enhance its crypto offerings in the region. According to an August 19 announcement, this collaboration aims to provide UAE residents with a platform to manage their crypto holdings, signifying Bitpanda’s initial foray into the Middle Eastern market.

RAKBANK is collaborating with Bitpanda Technology Solutions to offer UAE residents various digital asset use cases in a secure and efficient manner. Once fully launched, RAKBANK customers will have access to a range of digital assets and payment options.

Although the collaboration is still pending approval from the Central Bank of the UAE, RAKBANK plans to enable its customers to explore various digital asset use cases and payment options once the deal is finalized.

Bitpanda CEO Lukas Enzersdorfer-Konrad highlighted the UAE’s ambition in the crypto space, anticipating that the collaboration will significantly enhance crypto access for millions in the UAE and pave the way for future innovation.

RAKBANK’s involvement in the crypto space is not new. In 2020, the bank partnered with Bangladesh’s Bank Asia to facilitate money transfers between accounts at the two institutions using Ripple’s technology. This latest deal follows a significant legal development in Dubai, where the Court of First Instance recently recognized crypto as a valid form of salary payment.

As previously reported, the court’s landmark decision was made in a case involving an employee who had not received their contractual payment of over 5,000 EcoWatt (EWT) tokens. The court upheld the validity of cryptocurrency as a payment method and mandated the employer to fulfill the agreed-upon payment in EcoWatt tokens, affirming the role of cryptocurrency in employment contracts.

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