Emirates NBD Bank Forms Digital Asset Lab in Cooperation with Fireblocks

mirates NBD Bank has publicised a pioneering partnership with PWC and digital asset custodian Fireblocks, inaugurating its Digital Asset Lab. Both PWC Middle East and Fireblocks are set to serve as foundational council members.

Emirates NBD declared on LinkedIn, “This signifies a novel landmark in our journey of innovation, and we are eager to collaboratively shape the Digital Asset sphere in this region.”

Fireblocks is known for providing an enterprise-grade platform that ensures secure infrastructure for the transfer, storage, and issuance of digital assets. The company empowers businesses to handle digital assets and cryptocurrencies with ease and security.

In an earlier development in February 2023, Fireblocks took over First Digital, a digital asset payments technology platform and stablecoin, in a deal valued at $100 million.

Emirates NBD, a stalwart advocate for blockchain and digitisation, has been one of the earliest banks to engage with the UAE’s blockchain-enabled KYC platform.

In a statement made at the Global Business Forum Latin America last year, Group Chief Operating Officer of the bank Abdulla Qassem suggested, “It’s merely a matter of time before Blockchain technology assumes prominence in the UAE, and we commence recognising crypto and digital assets as legitimate currencies.”

This latest move has led to conjecture regarding the potential introduction of cryptocurrency transactions and wallets at Emirates NBD in the imminent months.

Featured image credit: Representatives of Emirates NBD Bank, pWc Middle East, and Fireblocks at the launch of the Digital Asset Lab