Emirates NBD, one of the leading banking groups in the Middle East, North Africa, and Türkiye (MENAT) region, has made a strategic equity investment in Zodia Custody, a prominent digital asset custodian catering to institutional clients.
The investment was made through the bank’s Innovation Fund, a corporate venture fund created in 2023 to strengthen Emirates NBD’s digital initiatives and align with the technological advancements of FinTech companies.
This move comes as the UAE continues to establish itself as a crypto hub, with its crypto-friendly policies and high adoption rates. Approximately 30% of the UAE population owns cryptocurrency, and the crypto market is expected to grow by 8% annually over the next four years.
Zodia Custody, headquartered in London, specializes in providing digital asset custody solutions tailored to institutional clients. With a strong focus on regulatory compliance and security, Zodia ensures that institutions can make informed investment decisions while keeping their assets safe.
Emirates NBD’s investment in Zodia Custody highlights the bank’s forward-thinking approach and commitment to shaping the future of digital assets.
Marwan Hadi, Group Head of Retail Banking and Wealth Management at Emirates NBD, emphasized the importance of creating a secure environment for digital asset transactions. He noted, “Our investment in Zodia Custody reflects our commitment to supporting the growth of digital assets and bridging the gap between financial services and emerging technologies.”
The investment also aligns with the UAE’s broader vision for technological innovation, particularly as outlined in Dubai’s Economic Agenda D33, which aims to position the Emirate as one of the world’s top four financial hubs. “We are making strategic investments to bolster the region’s growth in digital assets,” Hadi added.
Neeraj Makin, Group Head of Strategy, Analytics, and Venture Capital at Emirates NBD, noted that the investment positions the bank at the forefront of the growing digital asset sector, which is expected to become a trillion-dollar industry. He emphasized the importance of innovation in the MENAT region, driven by institutional activity and increasing demand for decentralized finance (DeFi) and stablecoins.
Zodia Custody CEO Julian Sawyer expressed gratitude for the trust placed in the company, stating that the investment marks a key milestone in the firm’s growth. “This partnership allows us to expand our position as a leading global player in digital asset custody,” he said.
The investment in Zodia Custody reflects Emirates NBD’s broader strategy of using its Innovation Fund to support emerging technologies and offer customers best-in-class digital experiences.
The Innovation Fund targets a wide range of investments, from early-stage ventures to growth companies, with the goal of delivering long-term strategic benefits.
