Introduction
The world of finance is fast evolving, drawing on the power of digital technology to create new opportunities and challenges. One such development is the rise of cryptocurrencies, which, despite their volatility and perceived risks, have captured the imagination of investors worldwide. Now, one of the leading financial institutions in the Middle East, Emirates NBD, owned by the Government of Dubai, has decided to step into the world of crypto trading through its digital banking subsidiary, Liv.
Emirates NBD: A Pioneer in Crypto Trading
Emirates NBD is not just any bank. As the largest banking group in the Middle East in terms of assets, it has a leading role in shaping the banking industry in the region. With the launch of Liv X, Emirates NBD is stepping into a new era by becoming one of the first major banks in the region to offer crypto trading services.
Liv X: The Gateway to Crypto Trading
Liv, the digital banking platform of Emirates NBD, has launched Liv X, a new app that enables customers to trade in cryptocurrencies. According to an announcement, Liv X allows users to buy and sell a variety of cryptocurrencies, marking a significant shift towards digital assets.
The Role of Aquanow and Zodia
To ensure the smooth operation of its crypto service, Liv is leveraging the infrastructure provided by Aquanow, a digital asset platform licensed by Dubai’s Virtual Assets Regulatory Authority (VARA). Furthermore, the bank has partnered with Zodia, a firm backed by Standard Chartered, to provide custody services for the digital assets traded on Liv X.
Dubai: Emerging as a Crypto Hub
Emirates NBD’s move is not an isolated one. On the contrary, it reflects a broader trend of Dubai establishing itself as a crypto hub. The Emirate offers a clear regulatory framework for firms to obtain licensing for crypto-related activities. This has led to major crypto exchanges such as Binance, Crypto.com, and OKX successfully obtaining their approvals. The launch of Liv X represents another significant step in Dubai’s journey towards becoming a dominant player in the world of digital finance.
Conclusion
The launch of Liv X by Emirates NBD marks an exciting development in the Middle East’s banking sector. It is a significant step towards mainstream acceptance of cryptocurrencies and a move that could set the pace for other banks in the region. With the infrastructure in place and the backing of a government-owned bank, the Liv X app is well-positioned to navigate the unpredictable world of crypto trading, bringing these services within reach of the bank’s vast client base.
