Emirates NBD has enhanced its digital banking platform, Liv, by incorporating cryptocurrency trading capabilities into its mobile banking app.
This new feature is launched in collaboration with Aquanow, a globally recognized virtual asset service provider accredited by Dubai’s Virtual Assets Regulatory Authority. Additionally, custody services for the initiative will be managed by London-based Zodia, which Emirates NBD strategically invested in late last year.
Once operational, the Liv X app will enable users to buy, sell, and trade various cryptocurrencies, all while managing their everyday financial activities.
The UAE is rapidly establishing itself as a forward-thinking center for cryptocurrencies, bolstered by progressive regulations and one of the highest rates of cryptocurrency adoption worldwide. Approximately 30% of the UAE population owns some form of cryptocurrency, and the market is projected to grow at an annual rate of 8% over the next four years.
A report from Chainalysis predicts that from July 2023 to June 2024, the UAE is expected to receive over $30 billion in cryptocurrency transactions, positioning the country among the top 40 globally and ranking it as the third-largest crypto economy in the MENA region.
Marwan Hadi, Group Head of Retail Banking and Wealth Management at Emirates NBD, expressed enthusiasm about the new cryptocurrency feature on Liv X. He stated, “We are thrilled to introduce our cryptocurrency offering, in partnership with Aquanow, providing customers with a secure and convenient platform for trading digital assets. This initiative is a pivotal step toward our vision of leading in innovation and excellence. With the UAE boasting the highest crypto adoption rate, we are eager to launch our virtual asset services to capitalize on this burgeoning trend.”