Top UAE Bank Joins the Crypto Revolution With Investment in Zodia Custody

Emirates NBD makes a bold move in the digital asset space by investing in Zodia Custody through its Innovation Fund, showcasing its commitment to innovation and digital transformation.

Top UAE Bank Joins the Crypto Revolution With Investment in Zodia Custody

Top UAE Bank Joins the Crypto Revolution With Investment in Zodia Custody

A Step Forward for Zodia Custody

Emirates NBD, one of the leading banks in the United Arab Emirates (UAE), has entered the digital asset space with a strategic investment in Zodia Custody, a London-based digital asset custodian. This investment, facilitated through the bank’s Innovation Fund, highlights the growing convergence of traditional financial institutions and the burgeoning cryptocurrency industry.

Reinforcing Zodia Custody’s Vision

The exact amount of the investment remains undisclosed, but its significance is evident. According to Emirates NBD, this move underscores Zodia Custody’s vision of establishing a robust future for digital assets.

Marwan Hadi, Group Head of Retail Banking and Wealth Management at Emirates NBD, emphasized the importance of creating a safe platform for digital asset transactions. He stated:

“Our investment is significant in light of the UAE’s progressive approach to digital asset regulation and its ambition to become a global innovation and technology hub. Additionally, it aligns with the Dubai Economic Agenda D33 that envisages the Emirate among the top four global financial hubs and a preferred capital market in the Middle East, Africa, and South Asia region.”

Positioning UAE as a Global Leader in Innovation

This strategic investment aligns with the UAE’s forward-thinking digital asset regulatory framework and its goal of fostering innovation within the financial sector. The Dubai Economic Agenda D33, a roadmap to make Dubai a top global financial hub, also supports the bank’s focus on bridging the gap between traditional financial services and emerging technologies.

Neeraj Makin, an executive at Emirates NBD, highlighted that this partnership positions the bank as a leader in digital asset innovation, ensuring its relevance in an evolving financial landscape.

Zodia Custody’s Growing Network

Julian Sawyer, CEO of Zodia Custody, lauded the investment as a testament to the growing confidence in their institutional-grade solutions. He stated:

“Emirates NBD’s investment marks the fifth TradFi institution supporting our Digital Assets venture Zodia Custody. As we build an ecosystem of infrastructure to operate Digital Assets at institutional grade, we are grateful for this recognition, and support and most importantly look forward to our partnership.”

Alex Manson, CEO of Standard Chartered Ventures, which owns Zodia Custody, echoed similar sentiments, celebrating the partnership as a milestone in the firm’s mission to enable institutional participation in digital assets.

The Innovation Fund’s Role

Emirates NBD’s Innovation Fund plays a pivotal role in driving the bank’s growth by investing in early- and growth-stage companies. This initiative allows the bank to stay ahead of industry trends and potential disruptions while ensuring it delivers the best digital experiences to its customers.

By supporting ventures like Zodia Custody, Emirates NBD is reinforcing its commitment to innovation and solidifying its position as a forward-thinking financial institution.


Conclusion

The investment in Zodia Custody marks a significant step for Emirates NBD and the broader UAE financial sector. It underscores the country’s ambition to lead in digital asset innovation and its commitment to integrating blockchain technologies into traditional financial systems. With such initiatives, Emirates NBD is not only adapting to industry changes but also actively shaping the future of finance.

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