DUBAI: Emirates NBD, a leading bank with the Dubai government as its largest shareholder, has deepened its commitment to the digital asset space by investing in Zodia Custody, a prominent institutional-grade digital asset custodian.
The investment was made through the bank’s Innovation Fund, a corporate venture capital arm launched in 2023 to foster synergies between traditional financial services and cutting-edge FinTech innovations.
Towards crypto leadership
The UAE’s rapid transformation into a global crypto hub forms the backdrop of this strategic move. With approximately 30 per cent of the population owning cryptocurrency and a market poised for an 8 per cent annual growth over the next four years,
Emirates NBD’s investment aligns with the country’s crypto-friendly policies and ambitions under Dubai’s Economic Agenda D33. This agenda envisions Dubai as one of the world’s top four financial hubs.
Zodia Custody, headquartered in London, specialises in providing secure, compliant digital asset custody solutions for institutional clients. By prioritising regulatory alignment and security, the firm helps institutions navigate the complexities of the digital asset market.
Emirates NBD’s backing is expected to accelerate global footprint for Zodia Custody and further solidify the bank’s position as a pioneer in digital finance. Marwan Hadi, Group Head of Retail Banking and Wealth Management at Emirates NBD, emphasised the bank’s focus on building a robust ecosystem for digital assets.
“Our strategic investment in Zodia Custody underscores our commitment to bridging traditional financial services with emerging technologies, ensuring secure and seamless interaction for institutions in the digital asset space,” he said.
Innovation is key
Neeraj Makin, Emirates NBD’s Group Head of Strategy, Analytics, and Venture Capital, highlighted the bank’s vision of embracing transformative technologies. “Digital assets represent a trillion-dollar market opportunity, and the MENAT region is rapidly emerging as a crypto economy powerhouse. Our investment in Zodia Custody strengthens our leadership in digital finance and reflects our commitment to fostering innovation across the industry,” Makin noted.
Building global crypto ecosystem
The investment also adds Emirates NBD to the growing list of traditional financial institutions backing Zodia Custody. Julian Sawyer, CEO of Zodia Custody, welcomed the support, calling it a “monumental step forward” for the company’s aspirations to become a global leader in digital asset custody.
The Innovation Fund’s broader goal is to explore opportunities across the FinTech spectrum, ensuring Emirates NBD remains at the forefront of industry disruptions while delivering innovative digital experiences for customers.
By integrating Zodia Custody into its portfolio, Emirates NBD is not just supporting an emerging FinTech but also positioning itself as a leader in the UAE’s evolving crypto landscape, bridging the gap between traditional finance and the future of digital assets.
