Liv, UAE’s first and largest digital bank launched by Emirates NBD, a leading banking group in the Middle East, North Africa and Türkiye (MENAT) region, has consolidated its position as a pioneer of innovation and excellence with the launch of a cryptocurrency offering within its mobile banking app – Liv X. The new offering has been introduced in partnership with Aquanow, a global virtual asset service provider licensed by VARA.

Liv is committed to introducing innovative products to its customers and this new cryptocurrency offering, with crypto infrastructure operated by Aquanow and custody services performed by Zodia Custody, will give users an intuitive experience that is straightforward and efficient to use. Customers will be allowed to buy, sell and trade cryptocurrencies within the Liv X app, whilst also managing their day-to-day finances. Additionally, Liv follows robust security protocols to enable secure transactions, providing further assurance to customers. 

The UAE continues to see rapid growth in crypto activity, driven by a balance of regulations, and institutional and consumer interest. A survey by the International Financial Group Ltd suggests that UAE residents have been increasingly investing in cryptocurrencies to generate inflation-resistant returns. The report found that one in ten UAE residents displayed an appetite for digital currencies, with Emiratis showing more interest. Between July 2023 and June 2024, a Chainalysis report estimates the UAE received over USD 30 billion in crypto, ranking the country among the top 40 globally in this regard and making it MENA’s third-largest crypto economy.

Marwan Hadi, Group Head of Retail Banking and Wealth Management at Emirates NBD, said: “We are excited to introduce our new cryptocurrency offering on Liv X, in partnership with Aquanow, giving customers the opportunity to buy, sell and trade cryptocurrencies conveniently and securely. 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.”    

Phil Sham, Chief Executive Officer, Aquanow, said: “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. Our partnership is a testament to the UAE’s emergence as a global crypto hub and is a leading example of how banks and fintech’s 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.”

Liv offers many 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 the recently introduced Cashback Cards offering AED 1,500 per month in rewards are some of the important additions to Liv’s product portfolio positioning it ahead of the market.