Emirates NBD ventures into crypto trading with Liv X app

Zodia Custody, a London-based digital asset custodian, will securely store cryptocurrencies traded on Liv X, following Emirates NBD’s strategic December investment, highlighting the bank’s commitment to expanding in the digital asset sector

Emirates NBD has made significant strides in the digital banking sector by integrating cryptocurrency trading into its Liv X mobile banking app, offering customers an easy and secure way to engage with the growing digital asset market.

This move comes as part of a strategic collaboration with Aquanow, a global virtual asset service provider licensed by Dubai's Virtual Assets Regulatory Authority (VARA), ensuring that the new offering meets all regulatory requirements.

Zodia Custody, a London-based digital asset custodian, will be responsible for providing secure storage for the cryptocurrencies traded on Liv X. This partnership follows Emirates NBD’s strategic investment in Zodia Custody in December, underscoring the bank’s commitment to expanding its presence in the digital asset space.

Through the new feature, Liv X users can buy, sell, and trade a range of cryptocurrencies directly from the app, all while managing their traditional banking needs. This integration is timely, given the UAE’s emergence as a global crypto hub, driven by progressive regulatory policies and a high rate of cryptocurrency adoption.

UAE’s crypto growth drives bank innovation

Recent data shows that around 30% of the UAE population owns cryptocurrencies, and the country’s crypto market is projected to grow by 8% annually over the next four years.

The UAE has already demonstrated its importance in the global cryptocurrency landscape. According to a report by Chainalysis, between July 2023 and June 2024, the UAE received over $30 billion in crypto transactions, making it the third-largest crypto economy in the MENA region and ranking it among the top 40 crypto markets worldwide.

Marwan Hadi, Emirates NBD’s Group Head of Retail Banking and Wealth Management, stated that the launch of cryptocurrency trading on Liv X reflects the bank’s forward-thinking approach to innovation. As the UAE leads in crypto adoption, the bank is poised to capitalize on this trend, offering customers a seamless and secure platform for their virtual asset needs.