The bold move of the largest bank in Dubai

The largest bank in , Emirates NBD, has just shaken up the financial market by announcing it will offer cryptocurrency buying and selling services through the Liv X digital banking app. This is a strong move, reflecting the ambition to expand into the digital asset sector of a government-owned bank in Dubai.

According to Bloomberg, customers of can now easily trade crypto on the Liv X platform. This service is built on the infrastructure of Aquanow, a digital asset platform licensed by the Dubai Virtual Assets Regulatory Authority (VARA). Meanwhile, crypto custody services will be handled by Zodia Custody - a subsidiary of Standard Chartered, ensuring the security of digital assets for customers.

Dubai - The expanding crypto paradise

Dubai is not only one of the world's leading financial centers but is also becoming an ideal destination for the crypto sector. The local government has built a digital asset ecosystem with transparent, open policies and a clear legal framework, facilitating legal operations for blockchain companies and cryptocurrency exchanges.

As a result, major exchanges like Binance, Crypto.com, and OKX have all received operating licenses in Dubai, making it one of the most important global crypto hubs. Now, with the participation of Emirates NBD, Dubai's position on the digital asset map is further strengthened.

According to Marwan Hadi, Director of Retail and Wealth Management at Emirates NBD, the bank decided to expand into the crypto sector due to the increasing demand in the UAE:

"The UAE has the highest crypto adoption rate in the region, and we want to leverage this trend to deploy our own digital asset services."

This decision is not surprising, as earlier, asset management firm Fidelity had predicted that Emirates NBD would integrate crypto services by 2025. And now, that prediction has come true!

The wave of traditional banks entering crypto

Emirates NBD is not the only bank entering the cryptocurrency market. Globally, many large banks have begun to integrate crypto-related services, including:

  • Intesa Sanpaolo (the largest bank in Italy) has executed its first purchase transaction.

  • PostFinance AG (Switzerland) will allow customers to stake Ethereum from January 2025.

  • ZA Bank (the largest digital bank in Hong Kong) is pioneering support for cryptocurrency transactions in Asia.

  • BPCE Groupe (the second largest bank in France) has launched crypto investment services.

  • Citi and State Street have entered the crypto custody space.

This trend is occurring strongly, especially after Bitcoin's price surpassed $100,000 and set an ATH record of $109,588 on January 20. Although the market experienced some volatility due to statements about the crypto reserve strategy of former President Donald Trump, the integration of crypto into the traditional financial system continues to expand.

The vision of Emirates NBD and its impact on the market

Emirates NBD - a state-owned bank - entering the crypto sector is a very positive signal for the entire financial industry. This not only helps customers gain easier access to digital assets but also shows that crypto is increasingly being recognized in the traditional financial system.

As the largest bank in Dubai, Emirates NBD can create a stronger wave of crypto adoption in the region. If this bank succeeds, it is possible that other Middle Eastern banks will follow suit, making crypto an important part of the global financial system.

🚀 Could this be the beginning of a financial revolution in Dubai? The answer will become clearer in the near future!