21Shares Lists Physically-Backed Bitcoin ETP on Nasdaq Dubai

21Shares Lists Physically-Backed Bitcoin ETP on Nasdaq Dubai

Following the Bitcoin ETP launch in Europe, 21Shares introduces it to the Middle East.

21Shares, a technology and financial company working on issuing exchange-traded products (ETPs), has listed its first physically-backed Bitcoin ETP in the Middle East.

According to the press release shared on October 12th, it is the company’s first entry into the Middle East while listing Bitcoin ETP (ABTC) on Nasdaq Dubai.

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The company noted that Bitcoin ETP is set to trade the same way as Bitcoin ETP launched in late June in Europe. After listing Bitcoin ETP in the Middle East, 21Shares holds 46 products across 12 exchanges and 9 countries.

21Shares CEO and co-founder Hany Rashwan claim that expansion to the Middle East is a major milestone in the company’s growth plans. The CEO assured that the company will provide its investors with secure and safe access to cryptocurrency-backed products. Rashwan added:

Our partners Nasdaq Dubai and Dubai Financial Market share our vision to provide investors with access to new and exciting asset classes. 21Shares will continue to support the Middle East’s ambitions to become a global crypto hub.

In its press release, 21Shares notes that the listing follows a recent appointment of Sherif El-Haddad to work as Head of the Middle East department. When talking about the newest listing in the Middle East, El-Haddad claimed that this region is a great place for crypto adoption.

Elaborating on 21Shares listing, CEO of Nasdaq Dubai and Dubai Financial Market (DFM) Hamed Ali said:

We are pleased that 21Shares has selected Nasdaq Dubai to list its ETP. This is another testament to Dubai’s open, progressive, and innovation-first approach. Streamlining investors’ access to diversified asset classes is a key pillar in Nasdaq Dubai’s endeavor to attract further investments and stimulate active engagement from various market participants.

In 2021, Canadian firm 3iQ listed its Bitcoin exchange-traded fund (ETF) on Nasdaq Dubai. It is worth noting that at that time, 3iQ’s ETF was the first cryptocurrency fund trading in the Middle East.

In other news, various crypto exchanges are actively expanding to the Middle East. Major crypto exchanges, such as Binance, eToro, FTX, OKX, Coinbase, and Kraken, have established their offices in Dubai and Abu Dhabi. Moreover, in September, Binance received Dubai's Virtual Asset Regulatory Authority’s license to provide crypto-related services.

Gile K. - Crypto Analyst

by Gile K. - Crypto Analyst, BitDegree