GCC crypto ecosystem gets closer to mainstream with new offering
As the UAE's second-largest bank by assets, Emirates NBD's entry into digital assets signals a strategic pivot toward mainstreaming blockchain-based finance. This move not only accelerates the UAE's ambitions to become a global crypto hub but also sets a precedent for financial innovation throughout the region.
Emirates NBD's strategic move is expected to pressure regional peers to follow suit, potentially unlocking institutional capital. The GCC institutions currently manage around $2.1 trillion in assets, yet less than 5.0 per cent is linked to cryptocurrencies. Liv's framework — aligned with VARA's stringent anti-money laundering (AML) and counter-terrorism financing (CFT) protocols — provides a comprehensive blueprint for compliant crypto-fiat interoperability. This could encourage corporate treasuries and family offices to diversify their portfolios into digital assets
In partnership with Aquanow, a global virtual asset service provider licensed by the Virtual Assets Regulatory Authority (VARA), Liv enables customers to buy, sell, and trade cryptocurrencies directly within its 'Liv X' app. This integration allows users to manage their day-to-day finances alongside their digital asset investments, creating a seamless banking experience.
Custody services for the cryptocurrency assets are provided by Zodia Custody, ensuring that Liv adheres to robust security protocols. This commitment to security is crucial for building customer trust in a rapidly evolving financial landscape.
Marwan Hadi, Emirates NBD's Group head of Retail Banking and Wealth Management, stated, '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.'
The GCC's cryptocurrency market is projected to grow at a compound annual growth rate (CAGR) of 14.2 per cent through 2027. Liv's initiative could catalyse both institutional and retail adoption across the bloc. According to Statista, the number of users in the UAE's cryptocurrency market is expected to reach 3.78 million by 2025, with a user penetration rate projected to be 39.13 per cent. This growth underscores the increasing interest in digital assets among the population.
Phil Sham, CEO of Aquanow, emphasised that the partnership with Liv exemplifies the UAE's emergence as a global crypto hub. He noted, 'This collaboration is a leading example of how banks and fintechs can work together to develop cutting-edge, secure, and seamless product propositions that truly benefit the retail customer.'
Liv's user base, primarily composed of millennials and Gen Z, benefits from the bank's established reputation, which helps demystify cryptocurrency for these demographics. By integrating digital asset trading into everyday banking, Emirates NBD effectively lowers the entry barriers for risk-averse users. Last May, Liv Bank signed a deal to start offering tokenized real-world assets (RWAs) to its clients, viewing this as an essential path to wealth management for younger generations.
Liv has also introduced innovative products, including Money Ahead Deposits that pay interest upfront, Goal Accounts with pre-defined rules for automated savings, Digital Gold Investment Accounts, and Cashback Cards offering up to Dh1,500 per month in rewards. These offerings position Liv as a market leader among digital banks in the region.
The UAE has established itself as a regulatory trailblazer in the crypto space, founding the Virtual Assets Regulatory Authority (VARA) in 2022. The country ranks third globally in crypto adoption, with 27 per cent of residents owning digital assets. Dubai's proactive approach to blockchain regulation and innovation has attracted over 1,000 blockchain firms since 2020, including industry giants like Binance and CoinMENA.
Liv's cryptocurrency offering complements this growth by enhancing retail liquidity. According to Chainalysis' Geography of Crypto Report 2024, the UAE experienced a 42 per cent year-on-year growth in crypto transactions, with total transactions amounting to $34 billion between July 2023 and June 2024. Experts suggest that the integration of mainstream banking could further amplify these transaction volumes.
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