Emirates NBD, Dubai’s state-owned bank, has started offering crypto trading services through its digital bank subsidiary, Liv Bank. A key factor driving this is the increased interest of millennials and Gen Z in alternative assets, including private equity, private debt, real estate, and infrastructure.
📣 Big news: Today, we're very excited to announce that we've partnered with @EmiratesNBD_AE to power crypto trading on their Liv X app! 🚀
Emirates NBD is a leading banking group in the Middle East, North Africa and Türkiye (MENAT) region, with total assets of approximately USD…
— Aquanow (@aquanow) March 6, 2025
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Liv Bank Expands Into Crypto, Trading and Custody Services Now Live on Liv X Platform
On 5 March 2025, the digital bank introduced crypto trading features, enabling retail Liv clients in the UAE to trade five major cryptocurrencies, including Bitcoin, Ether, Solana, XRP, and Cardano.
Aquanow CEO Phil Sham said, “The launch of this offering with Emirates NBD marks a defining moment for digital assets in the UAE and beyond.”
Liv also provides custody services to its users through Zodia Custody on its Liv X app. Notably, Emirates NBD made a strategic investment in the company in late 2024.
Marwan Hadi, Emirates NBD’s group head, retail banking and wealth management said, “Offering cryptocurrency on Liv X is the next step towards the overall vision of Liv being a pioneer in innovation and excellence.”
Liv Bank experimented with crypto last May when it started offering tokenised real-world assets (RWA) to its clients in partnership with tokenisation firm Ctrl Alt.
Back then, Hadi said, “Liv is the first bank in the UAE to explore offering tokenised real-world asset investing opportunities to customers, and we are delighted to co-partner with a leading infrastructure provider such as Ctrl Alt for this initiative.”
Emirates NBD’s Evolving Crypto Strategy
Emirates NBD’s broader interest in Bitcoin and blockchain technology aligns with Liv Bank’s introduction of crypto trading. The parent bank has previously experimented with blockchain and its applications for its business, particularly trade financing.
Emirates NBD previously worked with the Dubai Chamber of Commerce on a trade finance blockchain in 2019. Recently, Emirates NBD has been prioritising tokenised deposits for cross-border payments. The bank has partnered with Partior, a DLT-based payments network founded by DBS Bank, JP Morgan, Standard Chartered and Temasek, to facilitate cross-border payments.
Partior and Emirates NBD are focusing their collaboration on exploring potential involvement rather than making a firm commitment. However, if it moves forward, Emirates NBD would serve as a network settlement bank for the UAE Dirham, Saudi Riyal, and Indian Rupee. Additionally, it would act as a participant bank for other currencies, leveraging the network’s banks to facilitate instant cross-border payments for its clients.
The bank’s latest foray into retail crypto trading comes at a time when the crypto sector in the UAE is witnessing massive adoption, with local crypto app downloads seeing a 41% increase last year.
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Key Takeaways
- Liv Bank launches crypto trading and custody services with Aquanow and Zodia Custody.
- Millennials and Gen Z drive retail investments in digital assets in the UAE
- UAE’s crypto adoption surges, with local crypto app downloads increasing by 41% last year.
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