Liv, the UAE-based digital bank launched by Emirates NBD, has launched a new crypto offering, enabling customers to trade cryptocurrencies within its mobile banking app.
In partnership with Aquanow, a global virtual asset service provider licensed by VARA, Liv is enabling customers to buy, sell and trade cryptocurrencies within its ‘Liv X’ app, alongside where they can already manage their day-to-day finances.
Through the launch, with custody services performed by Zodia Custody, Liv says it aims to consolidate its position as a pioneer in the banking space. It also follows robust security protocols to enable secure transactions and to provide assurance to its customers.
The move comes in light of continued crypto adoption across the UAE, largely driven by balanced regulations, with around one in 10 UAE residents displaying an appetite for digital currencies, according to the International Financial Group Ltd.
Between July 2023 and June 2024, a Chainalysis report estimates the UAE received over $30billion in crypto, ranking the country among the top 40 globally in this regard and making it MENA’s third-largest crypto economy.
Emirates NBD, the leading banking group in the Middle East, North Africa and Türkiye (MENAT) region, aims to capitalise on these trends to service retails customers
Marwan Hadi, group head of retail banking and wealth management at Emirates NBD, explains: “Offering cryptocurrency on Liv X is the next step towards the overall vision of Liv being a pioneer in innovation and excellence. With the highest crypto adoption rate in the UAE, we are keen to launch our own virtual asset offering to capitalise on this trend.”
Driving ‘the next wave’ of digital asset adoption
“We are proud to partner with a storied financial institution in Emirates NBD, and excited to bring our globally deployed crypto solutions to a regional audience,” added Phil Sham, CEO of Aquanow. “Our partnership is a testament to the UAE’s emergence as a global crypto hub and is a leading example of how banks and fintechs can collaborate to develop cutting-edge, secure, and seamless product propositions that truly benefit the retail customer.
“Incumbent institutions like Emirates NBD will play a pivotal role in driving the next wave of digital asset adoption, and Aquanow is proud to be the leading crypto provider chosen by financial institutions both here in the GCC and globally.”
Aside from the new crypto offering, Liv offers a number of first-in-the-region products among digital banks, including Money Ahead Deposits which pay interest upfront; Goal Accounts with pre-defined rules that automate savings; Digital Gold Investment Accounts; and recently introduced Cashback Cards offering AED1,500 per month in rewards. It says these types of additions to its product portfolio help to position Liv ahead of the market.
