The spot bitcoin ETP will trade on the Nasdaq Dubai exchange and marks 21Shares' entrance into the growing digital asset economy of Dubai.
Financial services firm 21Shares has launched the first physically-backed bitcoin exchange-traded product (ETP) in the Middle East, according to a press release. The ETP will be traded on Nasdaq Dubai under the ticker ABTC, similar to the company's earlier launch of the spot Bitcoin ETP in Europe.
Hany Rashwan, CEO and co-founder of 21 shares said
“Being from the Middle East, the region is exceptionally important to me and as a company we are committed to providing regional investors with secure access to crypto-backed products,”
Additionally, the launch of the 21Shares bitcoin spot ETP follows the $25 million raise of its parent company 21.co, which made it the largest “cryptounicorn” in Switzerland, according to a press release.
21Shares offers 46 products on 12 exchanges distributed across nine countries, which makes it the largest provider of ETPs backed by digital assets like bitcoin in the world.
Sherif El-Haddad, the recently appointed head of the Middle East for 21Shares, shared his thoughts on offering the first bitcoin ETP in the region.
El-Haddad said
“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”.
Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market also commented on the product, stating that this ETP continues to showcase Dubai's innovation as it moves towards its goal of becoming a hub for bitcoin and cryptocurrencies.
"Streamlining investor access to diversified asset classes is a key pillar in Nasdaq Dubai's effort to attract more investment and stimulate active participation from various market participants," Ali said.