21Shares is a leading issuer of cryptocurrency exchange traded products (ETPs). announced Launch of its first Bitcoin ETP that is physically backed in the Middle East.
Following the Nasdaq Dubai listing of 21Shares Bitcoin Exchange Traded Product (ETP), the Middle East now has a Bitcoin-backed product.
With the physical back of Bitcoin ETP, meaning it’s endorsed by the underlying Bitcoin assets, they track with 1:1 leverage. To provide greater security, its underlying crypto assets are stored in an off-line wallet. – according to 21Shares co-founder and CEO Hany Rashwan.
The Nasdaq Dubai listing of the investment product has the ticker: ABTC. It is said to be 21Shares first entry into the Middle East.
“Our expansion into the UAE is a major milestone in 21Shares’ international growth plans,” said Hany. He said that 21Shares was committed to supporting the Middle East in its ambitions to be a global crypto hub.
Hamed Ali (CEO of Nasdaq Dubai) and Dubai Financial Markets (DFM) spoke out about the news. He said 21Shares Bitcoin ETP on Nasdaq Dubai is yet another testament to “Dubai’s open, progressive, and innovation-first approach.”
To give you an idea of the situation, Nasdaq Dubai serves as the international financial exchange for the region between East Asia and Western Europe.
The announcement states that 21Shares’ latest crypto investment product, 21Shares Dubai, marks the 46th product of the company across 12 exchanges in 9 different countries.
21Shares’ ETPs have been listed on exchanges such as SIX Swiss, Deutsche Börse, EuroNext, BXSwiss, Wiener Börse, Quotrix, Gettex, Börse Stuttgart, Börse München, Börse Düsseldorf and until October 12, Nasdaq.
The announcement came shortly after 21.co (the new parent firm to 21Shares) appointed Sherif Al-Haddad head of the MENA area in August.
21.co recently raised $25 million to expand the company globally and boost its Middle East market expansion, according to reports by Blockchain.news.
Image source: Shutterstock