One of the largest banks in Dubai announced in a press release on Thursday that it has entered crypto trading. The government-owned institution revealed its entrance into the digital asset sector through its subsidiary, Liv.
Liv, Emirate NBD’s digital banking arm, will allow its users to trade cryptocurrencies on its platform. Effective yesterday, it provides custody services for interested parties on its mobile platform.
Per the Thursday announcement, Liv will offer its users access to five major cryptocurrencies: Bitcoin, Ethereum, XRP Solana, and Cardano. These coins will be available for trading on its Liv X app in collaboration with Aquanow, a Dubai-licensed virtual asset service provider.
Furthermore, Liv would also offer crypto custody services to its clients. The digital bank would hold users’ assets through Zodia Custody, a Standard Chartered-backed firm officially licensed in Dubai.
Meanwhile, the offering reflects a broader crypto embrace in Dubai. Cryptocurrencies are nearing mainstream adoption in the region amid clear regulatory guidelines and an enabling environment for technological innovation.
Emirate NBD’s retail banking head, Marwan Hadi, highlighted that Dubai’s friendly disposition towards digital assets has spurred this venture. With an enabling environment for growth, he noted that Liv X introduced the services to maximize Dubai’s adoption trend for cryptocurrencies.
In truth, the region has made efforts to become a global hub for cryptocurrencies. Notably, its clear regulatory guidelines have facilitated the country’s mainstream adoption of digital assets.
Moreover, Dubai’s Virtual Assets Regulatory Authority (VARA) has licensed crypto exchanges like Binance, OKX, and Crypto.com to operate in the nation. The Crypto Basic recently reported that the Dubai government was building a 17-story crypto tower to support blockchain, decentralized finance (DeFi), and Web3 businesses.#CryptoDubai #crypto #xrp
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