Driving Innovation in Digital Assets through Strategic Investment
Emirates NBD, a leading banking group in the Middle East, North Africa, and Türkiye (MENAT) region, has announced a strategic equity investment in Zodia Custody, a London-based digital asset custodian focused on institutional clients. The investment was made through Emirates NBD’s Innovation Fund, the bank’s corporate venture fund, established in 2023 to advance its digital ambitions by leveraging FinTech innovation.
PC: Global Digital Finance
This move underscores the UAE’s emergence as a global crypto hub, fueled by progressive policies and a high adoption rate of cryptocurrencies. Notably, approximately 30% of the UAE’s population owns cryptocurrency, and the nation’s crypto market is projected to grow by 8% annually over the next four years.
Zodia Custody specializes in providing secure, regulatory-compliant digital asset custody solutions tailored to institutional clients, enabling them to navigate the evolving crypto market with confidence. Emirates NBD’s investment highlights its commitment to advancing digital asset infrastructure in alignment with its broader digital transformation goals.
Commitment to Innovation and Digital Leadership
Marwan Hadi, Group Head of Retail Banking and Wealth Management at Emirates NBD, emphasized the bank’s commitment to fostering secure interactions between institutions and digital asset platforms. “Our strategic investment in Zodia Custody reflects our dedication to supporting emerging technologies and bridging the gap between financial services and digital assets. FinTech is transforming the institutional landscape rapidly, and we aim to bolster this growth by providing a safe and secure environment for innovation,” he said.
Hadi also highlighted how the investment aligns with the UAE’s forward-thinking approach to digital asset regulation and the Dubai Economic Agenda D33, which seeks to position Dubai among the top four global financial hubs.
Neeraj Makin, Group Head of Strategy, Analytics, and Venture Capital at Emirates NBD, stated, “The investment in Zodia Custody positions Emirates NBD at the forefront of digital asset innovation, an evolving trillion-dollar asset class. The MENAT region is increasingly becoming a key player in the crypto economy, driven by institutional activity and the growing appetite for DeFi and Stablecoins.” He further emphasized the Innovation Fund’s role in fostering a culture of innovation and aligning with the bank’s vision to lead the digital landscape.
Recognition for Zodia Custody’s Global Potential
Julian Sawyer, CEO of Zodia Custody, expressed gratitude for Emirates NBD’s support. “As the fifth bank to endorse our proposition, this investment is a monumental step forward. It paves the way for Zodia Custody to become a leading global player in digital asset custody,” Sawyer remarked.
Alex Manson, CEO of Standard Chartered Ventures, also highlighted the importance of the partnership, stating, “Emirates NBD’s investment is a significant recognition of Zodia Custody’s capabilities and our goal to establish institutional-grade infrastructure for digital assets globally.”
Innovation Fund’s Strategic Role
Emirates NBD’s Innovation Fund targets investments across various stages, from early to growth phases, aiming to deliver long-term returns and drive strategic benefits. This fund reflects the bank’s dedication to staying at the forefront of industry trends, supporting disruptive technologies, and providing customers with cutting-edge digital experiences.
The investment in Zodia Custody solidifies Emirates NBD’s role as a key player in the digital asset economy, reinforcing its vision to lead innovation in the MENAT region and beyond.
