Emirates NBD Enters Crypto Market with Trading Services for UAE Customers
Emirates NBD, one of the largest banking groups in the Middle East and owned by the Dubai government, has started offering cryptocurrency trading services through its digital banking subsidiary Liv. The new service was introduced on March 5 on the Liv X app, according to a joint announcement made on March 6, according to a report from Cointelegraph.
The bank has partnered with Aquanow, a licensed cryptocurrency service provider, to enable retail customers in the United Arab Emirates to trade five major cryptocurrencies. Users can now buy, hold and sell Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP, and Cardano (ADA) directly through the app.
Custody services for the cryptocurrency assets are being provided by Zodia Custody, a company that received strategic investment from Emirates NBD in late 2024. This partnership structure allows the bank to offer a complete cryptocurrency trading solution to its customers.
Aquanow CEO Phil Sham described the launch as "a defining moment for digital assets in the UAE and beyond." He noted that the collaboration demonstrates how traditional banking and digital assets can work together, giving consumers access to the digital economy in a secure and compliant manner.
The move comes at a time of growing cryptocurrency adoption in the UAE. Marwan Hadi, Emirates NBD's retail banking head, acknowledged this trend, stating: "With the highest crypto adoption rate in the UAE, we are keen to launch our own virtual asset offering to capitalize on this trend." He also connected the launch to Liv's vision of being a leader in innovation and excellence.
Emirates NBD has shown increasing interest in blockchain technology and cryptocurrencies over recent years. The bank has:
- Educated customers about cryptocurrency concepts
- Tested blockchain-based anti-fraud systems for bank cheques in 2017
- Made strategic investments in crypto custody solutions
The launch of retail cryptocurrency trading services comes during a period of significant growth in UAE crypto adoption, with local cryptocurrency app downloads increasing by 41% over the past year.
This development comes amid other notable cryptocurrency news globally. In El Salvador, President Nayib Bukele recently announced the country will continue purchasing Bitcoin despite reaching a financing agreement with the International Monetary Fund (IMF) that was expected to limit such activities. El Salvador's Bitcoin reserves now stand at 6,101.18 BTC, valued at over $535 million at current market prices, even as the country received a $1.4 billion loan from the IMF last month after making Bitcoin acceptance voluntary for the private sector.
Meanwhile in the United States, Coinbase CEO Brian Armstrong has expressed support for President Trump's proposed "Crypto Strategic Reserve," suggesting that Bitcoin would be "the best option" as the primary asset. Trump recently announced plans for a reserve that would include Bitcoin, Ethereum, Solana, XRP, and Cardano—the same cryptocurrencies now available for trading through Emirates NBD's Liv X app. The U.S. federal government already owns approximately $17 billion in Bitcoin and $120 million in Ethereum, according to data from Arkham.
