Experts in the banking sector believe that Emirates NBD’s digital banking platform, Liv, ‘s introduction of a cryptocurrency service is a turning point for the GCC crypto ecosystem.
With its foray into digital assets, Emirates NBD, the second-largest bank in the United Arab Emirates in terms of assets, is making a calculated move to mainstream blockchain-based banking. This action advances the UAE’s goal of becoming a major global centre for cryptocurrency and establishes a standard for financial innovation in the area.
Emirates NBD’s calculated action is anticipated to pressure its regional competitors to do the same, which could free up institutional resources. Although the GCC institutions presently oversee assets worth over $2.1 trillion, less than 5.0 percent are associated with cryptocurrencies. Liv’s framework offers a thorough roadmap for compliant crypto-fiat interoperability and is in line with VARA’s strict anti-money laundering (AML) and counter-terrorism financing (CFT) protocols. This might persuade family offices and corporate treasuries to include digital assets to their portfolios.
Customers can purchase, sell, and trade cryptocurrencies immediately within the “Liv X” app thanks to Liv’s relationship with Aquanow, a global virtual asset service provider regulated by the Virtual Assets Regulatory Authority (VARA). This integration creates a smooth banking experience by enabling customers to manage both their daily finances and their investments in digital assets.
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