Emirates NBD, Dubai’s government-owned bank, has launched crypto trading services through its digital banking subsidiary, Liv. The bank has partnered with Aquanow, a VARA-licensed digital asset platform, to provide seamless access to cryptocurrencies. Liv users in the UAE can now buy, hold, and sell major digital assets, including Bitcoin, Ethereum, Solana, XRP, and Cardano, via the newly launched Liv X app. Emirates NBD has also integrated custody services from Zodia Custody, further strengthening its crypto offerings. This move aligns with Dubai’s ambition to become a global crypto hub, backed by clear regulatory frameworks that have already attracted major crypto exchanges like Binance, Crypto.com, and OKX. With rising crypto adoption in the UAE, Emirates NBD’s entry into the space signifies the growing convergence of traditional banking and digital assets.
1. Introduction to Emirates NBD and Liv
1.1 Founders and Background
Emirates NBD was formed in 2007 following a merger between Emirates Bank International and National Bank of Dubai. The bank has since grown into one of the Middle East’s largest financial institutions, offering services across retail, corporate, and investment banking. The introduction of Liv, its digital-only banking platform, targeted a tech-savvy, millennial audience looking for hassle-free financial solutions.
1.2 Working Model
Liv operates as a mobile-first bank, allowing customers to manage their finances entirely via a smartphone app. The bank provides services such as savings accounts, instant transfers, and lifestyle-based financial insights. Now, with the launch of crypto trading via the Liv X app, users can buy and sell digital assets alongside traditional banking features.
1.3 Revenue Model
Liv generates revenue through transaction fees, interchange fees, premium banking services, and now crypto trading fees. The crypto service is expected to bring additional revenue through spreads on buy/sell transactions and potential custodial fees via its partnership with Zodia Custody.
2. Dubai’s Crypto-Friendly Regulations
2.1 Government Support and Licensing
Dubai has positioned itself as a global crypto hub by establishing clear regulatory frameworks under the Virtual Assets Regulatory Authority (VARA). The government has attracted major crypto firms by providing transparent licensing requirements and compliance guidelines.
2.2 Previous Crypto Approvals in Dubai
Exchanges such as Binance, Crypto.com, and OKX have already received approvals to operate in Dubai. This regulatory clarity has encouraged traditional banks like Emirates NBD to explore crypto services, ensuring safe and compliant digital asset trading for residents.
3. Emirates NBD’s Crypto Trading Service
3.1 Features of Liv X Crypto Trading
The new Liv X crypto service allows users to trade five major cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP, and Cardano (ADA). The app integrates with Aquanow’s trading infrastructure to ensure smooth execution of transactions.
3.2 Secure Custody via Zodia Custody
Emirates NBD has partnered with Zodia Custody, a financial institution-backed digital asset custodian, to provide secure storage of crypto assets. This integration enhances the safety of users’ funds, addressing concerns around digital asset security.
4. Impact on the UAE’s Crypto Ecosystem
4.1 Mainstream Adoption of Digital Assets
By enabling crypto trading via a regulated bank, Emirates NBD is bridging the gap between traditional finance and digital assets. This development marks a shift toward mainstream adoption, allowing retail users to trade crypto securely.
4.2 Growth of Crypto Trading in the UAE
The UAE has seen a surge in crypto adoption, with local crypto app downloads increasing by 41% in the past year. Emirates NBD’s entry into the market is expected to drive further growth, encouraging other banks to explore similar offerings.
5. Learning for Startups and Entrepreneurs
5.1 Innovation in Financial Services
Startups can learn from Emirates NBD’s approach by integrating emerging technologies into traditional financial services. The adoption of blockchain and crypto trading by a major bank demonstrates the potential for innovation in fintech.
5.2 Regulatory Compliance is Key
Operating in a highly regulated industry requires adherence to clear compliance standards. Dubai’s regulatory framework has enabled Emirates NBD to launch crypto trading while ensuring security and transparency.
5.3 Partnerships Drive Growth
The collaboration with Aquanow and Zodia Custody highlights the importance of strategic partnerships. Startups should explore partnerships with established firms to enhance their offerings and ensure regulatory compliance.
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At The Startups News, we bring you the latest insights from the world of entrepreneurship, technology, and financial innovation. As the UAE accelerates its crypto adoption, we ensure that startups, investors, and businesses stay updated on emerging trends. Whether it’s fintech advancements, venture capital trends, or digital transformation, The Startups News is your go-to source for in-depth analysis and breaking news.
