Emirates NBD supports the custody of digital assets in the Emirates

Emirates NBD Bank announced yesterday its investment in Zodia Custody, the leading institution in the field of digital asset custody. The strategic investment in the company’s shares was made through Emirates NBD’s Innovation Fund, the bank’s venture capital fund. The fund was launched in 2023, and aims to enhance the bank’s digital ambitions and regional expertise in harmony with the flexibility and technical innovations of financial technology companies.
The United Arab Emirates is witnessing rapid development to become an advanced center for cryptocurrencies, following pioneering policies that are friendly to cryptocurrencies and the highest rates of adoption of cryptocurrencies in the world, as about 30% of the population owns cryptocurrencies, and the market for these currencies is expected to increase by 8% annually over the next four years. .
London-based Zodia Custody designs digital asset custody solutions for institutional clients in line with regulatory requirements, ensuring that institutions are able to make informed investment decisions in accordance with market trends with the highest levels of security. Emirates NBD’s investment in Zodia Custody represents an important step for the company and enhances its vision for the future of digital assets.
Emirates NBD Group Head of Retail Banking and Wealth Management, Marwan Hadi, said: “Our strategic investment in (Zodia Custody) reflects our commitment to providing an appropriate environment in which digital asset trading sites and venues and forward-thinking institutions can interact safely and without any compromises. Financial technology is changing “The institutional landscape is rapidly evolving and we want to ensure our continued support of emerging technologies to fuel this growth by bridging the gap between financial services and digital assets.”
He added: “Our investment is important in light of the UAE’s progressive approach to regulating digital assets and its ambition to become a global center for innovation and technology. In addition, this investment is in line with the Dubai Economic Agenda (D33), which aims for Dubai to be one of the four largest Global financial centers and preferred capital market in the Middle East, Africa and South Asia region.
For his part, Neeraj Makin, Head of Strategy, Analytics and Venture Capital, Emirates NBD Group, said: “Emirates NBD has decades of experience in leveraging innovation to simplify banking services. Investing in the strong and unique offerings offered by ‘Zodia Custody’ contributes to Consolidating Emirates NBD’s position at the forefront of digital asset innovation, an asset class worth a trillion dollars, and the Middle East, North Africa and Turkey region is witnessing a rapid transformation into a major player in the cryptocurrency economy, supported by the activity of institutions and companies “The growing demand for decentralized finance (DeFi) and stablecoins. In line with our vision to be a leading digital bank in the region, we are making strategic investments through the Innovation Fund and are committed to fostering a culture of innovation.”
In turn, Julian Sawyer, CEO of Zodia Custodi, said: “As the fifth bank to give confidence in our proposed proposal, we are extremely grateful to Emirates NBD for placing their trust in us. This investment represents an important step, paving the way for Zodia Custodi.” To become a leading player in the world.”
Alex Manson, CEO of Standard Chartered Ventures, said: “Emirates NBD’s investment represents the fifth trade finance institution to support our Zodia Custody project. As we seek to build an ecosystem of infrastructure to operate digital assets at an institutional level, we are grateful for this. Appreciation, support and most importantly we look forward to our partnership.”
The Innovation Fund aims to invest in a wide range of stages for the Emirates NBD Group, from early stages to growth, with the aim of achieving strategic benefits and achieving long-term returns on investments. The Innovation Fund aims to support the bank’s ambitions to be at the forefront of innovation, key sector trends including qualitative changes, and continuing to provide the best digital experiences to customers.