Emirates NBD Bank Forms Digital Asset Lab in Cooperation with Fireblocks

Emirates NBD Bank Forms Digital Asset Lab in Cooperation with Fireblocks

Emirates 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.”

Through the establishment of the Digital Asset Lab, the platform will facilitate the co-creation and exploration of innovation within financial services, concentrated solely on digital assets. The platform seeks to globally connect subject matter experts, promoting education and awareness for the Group and its clients, boosting efficiency while maintaining a firm emphasis on security and transparency.

The collaboration among Emirates NBD, PWC, and Fireblocks is projected to concentrate on four crucial aspects:

  1. Strategy and Policy — The compliance, risk and security frameworks for Web 3.0 technologies.
  2. Architecture — Business, technology and security reference architectures for Web 3.0 solutions.
  3. Partners — A gathering of partners spanning technology, business and governance who can assist with the requisite systems and procedures for Web 3.0 technologies.
  4. Capabilities — The designing, building and experimenting with new capabilities and value propositions linked to the Web 3.0 ecosystem.

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.”

Michael Shaulov, CEO and Co-founder of Fireblocks, proclaimed, “The announcement marks another significant milestone in the region, creating a springboard for digital asset and financial services innovation and placing Dubai at the precipice of the new digital frontier.”

Similarly, Stephen Anderson, PwC Middle East’s Strategy and Markets Leader, added, “Together, we will co-create cutting-edge solutions that enhance the customer experience and drive inclusion and innovation, while maintaining our commitment to trust and responsibility.”

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

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