Emirates NBD Joins the Cryptocurrency World: A Big Step for Digital Money
Emirates NBD, a major bank in the Middle East, has made a big change. It has started to offer services for a new kind of money called cryptocurrency. This is a big deal because it shows that traditional banks are now interested in this new kind of digital money. Let’s find out more about this exciting news!
A New Way to Trade Cryptocurrency: Liv X App
The Liv X app, made by Emirates NBD’s digital bank Liv, lets you buy, sell, and trade cryptocurrencies easily. This app is like a bridge between traditional money and digital money. It’s made possible by a company called Aquanow, which provides the needed tools, and Zodia Custody, which keeps the digital money safe[1][4]. With this app, you can manage both your regular money and your digital money in one place. This shows that the UAE wants to be a leader in using digital money[5].
Dubai’s Big Plan: A Global Cryptocurrency Center
Dubai wants to be the best place in the world for cryptocurrency. It has made rules that make it easy for big companies like Binance, Crypto.com, and OKX to work there[4]. Emirates NBD joining the crypto world helps Dubai become this global hub for digital money. This is part of the UAE’s plan to use technology to make its economy stronger[1][5].
More People Using Cryptocurrency in the UAE
The UAE has seen more and more people using cryptocurrency. Between July 2023 and June 2024, there were over $30 billion worth of crypto transactions in the UAE[5]. This is because more people and companies are interested in using digital money. Emirates NBD’s new service will make it safer and easier for people to trade cryptocurrency, which will help this trend grow even more.
A New Way for Banks and Finance
Emirates NBD starting to offer cryptocurrency services is a big deal. It shows that traditional banks are now ready to work with this new kind of digital money. This could lead to more changes in how we use money and how banks work. It’s an exciting time for finance!
—
Sources:
