Blog

The new spot bitcoin ETP will record and commerce on Nasdaq Dubai, 21Shares stated in a press launch.

21Shares, a number one supplier of cryptocurrency alternate traded merchandise (ETPs), has expanded its product vary to the Middle East, the firm stated in a press release on Wednesday.

The ETP issuer’s entry into the fast-growing Middle East market comes with the launch of 21Shares Bitcoin ETP, the area’s first physically-backed Bitcoin ETP.

21Shares continues enlargement

21Shares’s new spot BTC alternate traded product will commerce on Nasdaq Dubai underneath the ticker ABTC and could have the similar traits as the 21Shares Bitcoin ETP Europe, in keeping with the announcement.

“Our expansion into the UAE is a major milestone in 21Shares’ international growth plans. Coming from the Middle East myself, the region is exceptionally important to me and, as a company, we are committed to providing regional investors with safe and secure access to cryptocurrency-backed products,” Hany Rashwan, CEO and co-founder of 21Shares stated in an announcement.

21Shares’ transfer into the Middle East comes a number of weeks after guardian firm 21.co launched and raised $25 million at a $2 billion valuation to grow to be the largest crypto unicorn in Switzerland.

“Cryptocurrencies are fast becoming the asset of the future for investors and wealth managers around the world, as global crypto adoption and investment levels continue to accelerate at pace – and the Middle East is a major accelerator of this growth,” stated Sherif El-Haddad, the Head of Middle East for 21Shares.

As CoinJournal reported, EL-Haddad joined 21Shares in August as the crypto ETP issuer expanded its attain throughout Europe and the Middle East.

Over the previous yr, and regardless of the crypto winter, 21Shares has expanded its progressive merchandise suite, with launches together with the world’s first USD Yield ETP, crypto alternate traded funds (ETFs) in Australia and pioneered the  and the Bitcoin and Gold ETP on the SIX Swiss Exchange.

In June, 21Shares unveiled its Crypto Winter Suite, which as CoinJournal additionally reported, supplied a product set tailor-made to assist buyers navigate the bear market.