(March 6): The largest bank in Dubai has partnered with digital-assets firm Aquanow to start offering cryptocurrency services through its digital banking arm.

Users of Emirates NBD’s digital bank Liv can now buy, sell and trade cryptocurrencies through the Liv X app, according to a statement. 

It’s the latest sign of banks pushing deeper into the digital-assets space after an extended rally that culminated in Bitcoin hitting a record of US$109,241 (RM484,226) on Jan 20. Italy’s largest bank Intesa Sanpaolo SpA recently made its first spot Bitcoin purchase, while Switzerland’s PostFinance AG in January expanded its digital-asset offering to include Ether staking. 

“With the highest crypto adoption rate in the UAE [United Arab Emirates], we are keen to launch our own virtual asset offering to capitalise on this trend,” said Marwan Hadi, group head, retail banking and wealth management at Emirates NBD.

Liv’s crypto services are powered by Aquanow, which is licensed by Dubai’s Virtual Assets Regulatory Authority. Zodia Custody, an affiliate of Standard Chartered plc, will provide custody services. 

The crypto market has been buoyed in recent months by the pro-crypto agenda of President Donald Trump, who signed an executive order bolstering the US industry in January. But his recent comments about including lesser-known tokens in a strategic cryptocurrency reserve were met with skepticism, sparking a selloff. 

Bitcoin was trading at US$91,520 as of 10.32am in London on Thursday. 

Uploaded by Felyx Teoh