Dubai’s Emirates NBD Expands Crypto Services via Liv X App

Highlights:

• Emirates NBD’s Liv X app now supports crypto trading with Aquanow’s infrastructure.
• Zodia Custody, backed by Emirates NBD, provides secure digital asset storage for users.
• Dubai strengthens its crypto hub status with clear regulations and expanding digital services.

Emirates NBD, a Dubai-based bank, has entered the cryptocurrency trading market by involving its subsidiary, Liv. The offering, launched on the Liv X application, enables users from the United Arab Emirates to trade and hold virtual assets. Aquanow, authorized by the Dubai Virtual Asset Regulatory Authority (VARA), will provide the necessary infrastructure, while Zodia Custody provides security in asset storage.

The launch is part of the UAE’s attempts to cement itself as a crypto-friendly jurisdiction. Owing to the clarity on regulatory matters, the UAE has pulled in major exchanges like Binance, Crypto.com, and OKX. Now, the state-owned financial institution of Emirates NBD has expanded into the digital assets sector.

JUST IN: 🇦🇪 Emirates NBD, a wholly owned bank of the Dubai government, launched the Liv X app on March 6, offering cryptocurrency buying and selling services. pic.twitter.com/h7zgTwdVA1

— Whale Insider (@WhaleInsider) March 6, 2025

Secure and Regulated Crypto Services

Liv’s crypto trading feature allows users to trade in leading cryptocurrencies, such as Bitcoin, Ethereum, Solana, XRP, and Cardano. The service will be fully compliant and integrated with Aquanow’s regulated environment.

Liv X users have access to custody solutions provided by the London headquartered Zodia Custody, which is backed by the Standard Chartered Bank. In late 2024, Emirates NBD made an investment into Zodia Custody that worked to further strengthen its focus on more secure digital assets.

The Liv X app allows users to control both traditional and digital assets in a single application. This integration shows that cryptocurrency is now becoming more embraced in the banking sector. The strategy also aligns with the high cryptocurrency usage in the region, where 30% of the population in the UAE own cryptocurrencies.

UAE’s Expanding Crypto Economy

Due to supportive policies, the Dubai government has successfully propelled the UAE into the digital finance space. According to the Chainalysis report, from July 2023 to June 2024, the UAE was in the top 40 globally, with more than $30 billion in crypto transactions.

With the Liv X app now providing digital currency solutions, Emirates NBD seeks to meet emerging customer needs. The launch comes after Dubai revealed its ambitious plans to construct a Crypto Tower, a 17-story building to become the hub of blockchain technology.

DMCC and REIT Development have unveiled plans for the groundbreaking ‘Crypto Tower’, a 17-storey project in Dubai’s Jumeirah Lakes Towers (JLT) designed to support the region’s growing blockchain, DeFi, and Web3 community.https://t.co/pTV7CfZpwS#UAE #Dubai #DMCC #REIT pic.twitter.com/Z47ETc3Jyv

— Smashi (@smashibusiness) January 16, 2025

According to Marwan Hadi, group head of retail banking at Emirates NBD, the new feature in the Liv X app manifests the bank’s vision in the areas of innovation and excellence. The entry into crypto trading aligns with another diversification of the financial services in Dubai as it enters into a frontier market for financial services.

Recently, USDC and EURC received permission from the Dubai Financial Services Authority (DFSA) to operate within the Dubai International Financial Centre (DIFC). This marked the first case of stablecoins being recognized under the DIFC crypto token legislation. 

The green light means that financial institutions and fintech companies can include such assets in payment and treasury services. More than 600 companies at the DIFC can now transact and engage in digital asset activities employing USDC and EURC. This decision enhances the increasing use of stablecoins in regulated activities.