Emirates NBD Enters Crypto Space with Liv X App ๐๐ฐ
Emirates NBD, one of the UAE’s largest banks, has officially launched cryptocurrency trading on its Liv X mobile banking app, marking a major move into the virtual asset space.
๐น Partnering with Aquanow โ A Dubai-licensed virtual asset service provider.
๐น Zodia Custody for Secure Storage โ Backed by London-based Zodia Custody, in which Emirates NBD invested in December 2024.
๐น Seamless Crypto Trading โ Users can now buy, sell, and trade cryptocurrencies directly within the Liv X app.
Why This Move Matters
โ UAE: A Global Crypto Hub
- The UAE has 30% crypto adoption, making it a leading market.
- Crypto transactions in the UAE hit $30 billion in one year (July 2023 โ June 2024).
- The UAE ranks among the top 40 crypto economies globally and is MENAโs third-largest.
โ Regulatory Green Light
- The UAEโs Virtual Assets Regulatory Authority (VARA) is setting up a pro-crypto environment.
- Emirates NBDโs strategic investment in Zodia Custody signals a long-term crypto commitment.
โ Mainstream Banking Adopts Crypto
- Traditional banks like Emirates NBD integrating crypto could drive mass adoption.
- This move challenges competitors like Revolut, PayPal, and Binance in bank-backed crypto trading.
Whatโs Next?
๐ More Crypto Services? Will Emirates NBD expand into staking, DeFi, or tokenized assets?
๐ Impact on UAE Finance? Traditional banks embracing crypto could boost the countryโs fintech ecosystem.
๐ Global Banking Trend? Will other major banks follow suit and integrate crypto into retail banking?
๐ก Final Thoughts: With the UAE emerging as a global crypto powerhouse, Emirates NBD is positioning itself at the forefront of digital asset innovation. This could set a new standard for bank-led crypto adoption worldwide. ๐๐ฑ
