Investment product issuer – 21Shares – has listed the first physically supported Bitcoin ETP in the Middle East.
Switzerland-based fintech company 21Shares AG has unveiled a Bitcoin exchange-traded product on Nasdaq Dubai, making it the first physically-backed BTC ETP in the Middle East.
The company recently had a listing, introducing Bitcoin and Ethereum ETNs on Nasdaq Stockholm, crypto ETPs on Euronext Paris and Amsterdam, and more.
Latest offers
The investment product issuer – 21Shares – has expanded its global reach by launching its bitcoin exchange-traded (ETP) product on the international financial exchange in the Middle East – Nasdaq Dubai. This feature will trade under the same token as in Europe – ABTC.
Adding the United Arab Emirates ETP, 21Shares now has 46 crypto products listed in seven different countries.
Hany Rashwan – CEO and Co-Founder of 21Shares – praised the Middle East as an important region for the digital asset industry. He assured that the company would continue to support the region’s ambitions to become a global crypto hub.
Two months ago, 21Shares appointed Sherif El-Haddad as the director of the company’s Middle East division. The CEO is a firm proponent of the cryptocurrency sector, saying it could become “the asset of the future for investors and asset managers around the world.”
Institutional expansion in that region could be beneficial as it is the fastest growing crypto market (according to a study by Chainalysis). Local consumers received more than $566 billion in digital assets between July 2021 and June 2022, 48% more than they received the previous year.
Read more: Ripple CEO predicts answer in SEC lawsuit over XRP in first half of 2023
For its part, the financial hub of the Middle East – Dubai – often makes headlines in the crypto space. Over the past few months, watchdogs in the country have allowed leading exchanges, such as Binance, CryptoCom, OKX, and FTX, to offer their services and products on local soil.
Additionally, Dubai’s flagship airline – Emirates Airline – and five-star hotel – Palazzo Versace Dubai – said they will accept bitcoin and certain alt-currency as means of payment.
21 Sharing’s Past Efforts
At the end of 2021, the Swiss company became the first issuer of physically supported crypto exchange-traded notes (ETNs) on Nasdaq Stockholm. The currency products trade under the ticker symbols ABTC and AETH and have Bitcoin and Ethereum as the underlying assets.
Earlier this year, 21Shares launched three new crypto ETPs on BX Swiss to track the performance of Aave, Chainlink, and Uniswap. A few days later, it listed Chainlink, Terra and Uniswap ETPs on Euronext Paris and Amsterdam.
In April, the organization also focused on Australia. By partnering with ETF Securities, the two sides announced the first two ETFs in the country that provide customers with direct access to cryptocurrencies. Titled EBTC and EETH, the products follow the valuation of Bitcoin and Ethereum respectively in Australian dollars.
Last but not least, 21Shares introduced two private funds specifically for accredited US investors. “Vinter 21Shares Crypto Basket 10 US Index” tracks the performance of the ten largest cryptocurrencies by market capitalization, while “Vinter 21Shares Crypto Mid-Cap US Index” focuses on mid-tier digital assets emerging.
Comments (No)