Emirates NBD's digital banking unit Liv has added cryptocurrency trading to its mobile banking app.
The new offering has been introduced in partnership with Aquanow, a global virtual asset service provider licensed by Dubai's Virtual Assets Regulatory Authority.
London-based digital asset custodian Zodia will provide custody services for the new venture. Emirates NBD made a strategic investment in Zodia Custody in December.
Upon go live, customers will be able to buy, sell and trade cryptocurrencies within the Liv X app, whilst also managing their day-to-day finances.
The UAE is swiftly evolving to become a progressive crypto hub following landmark crypto-friendly policies and the highest cryptocurrency adoption rates in the world. About 30% of the population owns cryptocurrency and the crypto market is expected to increase by 8% year-on-year over the next four years.
Between July 2023 and June 2024, a Chainalysis report estimates the UAE received over $30 billion in crypto, ranking the country among the top 40 globally in this regard and making it Mena’s third-largest crypto economy.
Marwan Hadi, group head of retail banking and wealth management at Emirates NBD, says: “We are excited to introduce our new cryptocurrency offering on Liv X, in partnership with Aquanow, giving customers the opportunity to buy, sell and trade cryptocurrencies conveniently and securely. Offering cryptocurrency on Liv X is the next step towards the overall vision of Liv being a pioneer in innovation and excellence. With the highest crypto adoption rate in the UAE, we are keen to launch our own virtual asset offering to capitalise on this trend.”