Emirates NBD boosts UAE digital asset custody with Zodia Custody investment

Photo: Dubai Govt. Media Office

Emirates NBD, one of the largest banking groups in the Middle East, North Africa, and Türkiye (MENAT) region, has made a strategic investment in Zodia Custody, a leading digital asset custodian focused on institutions. This investment is part of the bank’s plan to strengthen its digital ambitions and expand its role in the fast-growing crypto market.

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The investment was made through the Emirates NBD Innovation Fund, which was established in 2023. The fund is designed to support new technologies, particularly in FinTech, and help the bank stay ahead in the digital space by working closely with innovative companies.

The UAE is quickly becoming one of the top places for cryptocurrency, with policies that support the growth of digital currencies. The country also has one of the highest cryptocurrency adoption rates in the world, with about 30% of the population owning some form of cryptocurrency. Experts expect the crypto market in the UAE to grow by 8% annually for the next four years.

Zodia Custody, which is based in London, provides digital asset custody solutions for institutional clients. This means they help organizations securely store and manage their digital assets while following all the necessary regulations. The company ensures that its clients can make well-informed investment decisions based on market trends and with the highest levels of security. Emirates NBD’s investment in Zodia Custody is a big step forward for both the bank and the digital asset industry.

Marwan Hadi, the Group Head of Retail Banking and Wealth Management at Emirates NBD, explained that the bank’s investment in Zodia Custody is about creating a safe and secure environment for digital asset trading. He emphasized that the bank is committed to supporting emerging technologies and bridging the gap between traditional financial services and digital assets. This move is also in line with the UAE's progressive approach to digital asset regulation and the country’s goal to become a leading global hub for innovation and technology.

He added, “This investment aligns with the Dubai Economic Agenda D33, which aims to make Dubai one of the top four global financial hubs and a preferred capital market in the MENAT region."

Neeraj Makin, the Group Head of Strategy, Analytics, and Venture Capital at Emirates NBD, also shared his thoughts. He said that the investment in Zodia Custody is a part of the bank’s strategy to stay at the forefront of digital asset innovation. The crypto market, especially decentralized finance (DeFi) and stablecoins is growing quickly in the MENAT region. Emirates NBD wants to ensure it is part of this transformation by investing in new digital solutions.

Julian Sawyer, the CEO of Zodia Custody, expressed his gratitude for Emirates NBD’s investment. He said, “This investment is a huge step forward for us and will help us become a leading player in the global digital asset space.” Zodia Custody is now the fifth bank to support their mission, which highlights the trust and confidence in their services.

Alex Manson, the CEO of Standard Chartered Ventures, also commented on the investment, calling it an important part of building an ecosystem for digital assets at an institutional level. He added, "We’re excited about our partnership with Emirates NBD and look forward to working together."

The Innovation Fund, through which Emirates NBD made this investment, focuses on supporting innovative companies at various stages of growth. The fund aims to create long-term value for the bank while helping to bring the latest technology and digital solutions to the financial industry.

By supporting companies like Zodia Custody, Emirates NBD is reinforcing its commitment to being a leader in the digital space and helping shape the future of digital assets and crypto finance.