Dubai’s Emirates NBD Bank Launches Crypto Trading on Liv X App

Strategic Partnerships Strengthening the Platform

To ensure security and compliance, Liv has partnered with Aquanow, a licensed crypto asset service provider, to facilitate smooth and secure transactions. This collaboration ensures compliance with Dubai’s Virtual Assets Regulatory Authority (VARA) regulations.

Additionally, Liv has integrated Zodia Custody, a regulated digital asset custodian, to safeguard customer funds. Emirates NBD had previously invested in Zodia Custody in late 2024, highlighting its commitment to secure digital asset services.

Supported Cryptocurrencies on Liv X

At launch, the Liv X app will support five major cryptocurrencies:

• Bitcoin (BTC): The original cryptocurrency, widely regarded as "digital gold." - Ethereum (ETH): A blockchain known for its smart contract capabilities.
• Solana (SOL): Recognized for high-speed transactions and scalability.
• XRP (XRP): Designed for cost-effective cross-border payments.
• Cardano (ADA): A blockchain platform focusing on security and sustainability.

This selection provides Liv X users with a diverse range of options, catering to both newcomers and experienced traders.

Industry Leaders Weigh In

Marwan Hadi, Group Head of Retail Banking and Wealth Management at Emirates NBD, expressed confidence in this move, stating:

"Offering cryptocurrency on Liv X is a step towards positioning Liv as a leader in digital innovation. With the UAE having one of the highest crypto adoption rates globally, we want to provide a trusted and compliant platform for our customers."

Phil Sham, CEO of Aquanow, emphasized the significance of this development:

"This collaboration demonstrates how traditional banking and digital assets can integrate to create a seamless, secure, and compliant financial experience."

The UAE’s Crypto-Friendly Landscape

Dubai and the wider UAE have become global leaders in cryptocurrency adoption. With Binance, Crypto.com, and OKX receiving regulatory approvals to operate in the region, the country continues to foster a pro-crypto regulatory framework.

A survey by International Financial Group Ltd found that 1 in 10 UAE residents have invested in cryptocurrency, with Emiratis leading in adoption. Additionally, Chainalysis reported that between July 2023 and June 2024, over $30 billion in crypto transactions flowed through the UAE, making it the third-largest crypto economy in the MENA region.

Emirates NBD’s Digital Banking Vision

Emirates NBD’s expansion into crypto trading reflects its broader digital strategy. Beyond crypto, Liv offers various digital financial products, including Money Ahead Deposits, Goal Accounts, Digital Gold Investments, and a Cashback Card that provides up to AED 1,500 in monthly rewards.

Impact on the Financial Industry

Emirates NBD’s decision to integrate cryptocurrency trading marks a significant shift in traditional banking, likely influencing other financial institutions in the UAE and beyond. By bridging the gap between conventional banking and digital assets, the bank is reinforcing Dubai’s status as a global fintech and crypto innovation hub.

Final Thoughts

With the launch of crypto trading on Liv X, Emirates NBD is taking a bold step into the future of finance. This move aligns with Dubai’s broader blockchain and Web3 ambitions, solidifying the UAE’s reputation as one of the world’s most forward-thinking financial markets.