Emirates NBD, a major Middle East banking group owned by the Dubai government, has started providing cryptocurrency trading services through its digital banking subsidiary Liv. The new service was introduced on March 5 via the Liv X app, according to BTC Peers.

The bank has formed a partnership with Aquanow, a licensed cryptocurrency service provider, enabling retail customers in the United Arab Emirates to trade five major cryptocurrencies. Users can now buy, hold and sell Bitcoin, Ethereum, Solana, XRP, and Cardano directly through the app.

Custody services for the cryptocurrency assets will be provided by Zodia Custody, a company that received strategic investment from Emirates NBD in late 2024. This partnership structure allows the bank to offer a complete cryptocurrency trading solution to its customers.

Aquanow CEO Phil Sham called the launch "a defining moment for digital assets in the UAE and beyond." He added that the collaboration shows how traditional banking and digital assets can work together, giving consumers access to the digital economy securely and compliantly.

The introduction comes amid growing cryptocurrency adoption in the UAE. Marwan Hadi, Emirates NBD's retail banking head, acknowledged this trend, saying: "With the highest crypto adoption rate in the UAE, we are keen to launch our own virtual asset offering to capitalize on this trend."

Emirates NBD has shown increasing interest in blockchain technology and cryptocurrencies over recent years. The bank has:

• Educated customers about cryptocurrency concepts
• Tested blockchain-based anti-fraud systems for bank cheques in 2017
• Made strategic investments in crypto custody solutions

The launch of retail cryptocurrency trading services occurs during a period of significant growth in UAE crypto adoption, with local cryptocurrency app downloads increasing by 41% over the past year. This move positions Emirates NBD among the growing number of traditional financial institutions embracing digital assets.

The move follows a broader trend of financial institutions creating new investment channels. Goldman Sachs and JPMorgan Chase recently began offering ruble-linked derivative contracts to investors seeking Russian market exposure while complying with sanctions, as the Russian currency has surged 20% this year.