21Shares Focuses on the Middle East by Rolling Out a Bitcoin ETP on Nasdaq Dubai

21Shares AG, a fintech company from Switzerland, has unveiled a Bitcoin exchange-traded product. This makes it the first physical-backed BTC ETP Middle East.

Recently, the firm went on a listing spree and introduced Bitcoin and Ethereum ETNs to Nasdaq Stockholm, Euronext Paris, Amsterdam and other crypto ETPs.

The latest offering

21Shares, an investment product issuer, has expanded its global reach with the launch of a bitcoin exchange-traded (ETP), on the Nasdaq Dubai international financial exchange. The same ticker will be used in Europe – ABTC – to trade the feature.

21Shares now lists 46 crypto products in seven countries by adding the United Arab Emirates ETP.

Hany Rashwan, CEO and Co-Founder at 21Shares, praised the Middle East for its importance in the digital asset sector. He promised that 21Shares would continue to support the region in its efforts to become a global crypto center.

21Shares named Sherif El Hadad, the head of its Middle East division, two months ago. This executive is a strong proponent of crypto and believes it can be “the asset for the future for investors, wealth managers all over the globe.”

Chainalysis research shows that the region is the fastest growing cryptocurrency market. This could make it a good location for the organization. From July 2021 to June 20,22, local consumers received $566 billion worth of digital assets. This is 48% more than they had the previous year.

Dubai, which is the financial center of the Middle East, often headlines the crypto space. Over the past few months, leading exchanges like Binance, CryptoCom and OKX were allowed to offer their products and services on local soil by the domestic watchdogs.

Additionally, Dubai’s top flag carrier, Emirates Airline, and Palazzo Versace Dubai, a five-star hotel, said that they will accept bitcoin and other alternative coins as payment.

21Shares’ Past Endeavors

The first issuer of crypto-backed, physically-backed exchange-traded notes (ETNs), on Nasdaq Stockholm was the Swiss company at the end of 2021. The underlying assets of the monetary products are Bitcoin and Ethereum and trade under the ticker symbol ABTC or AETH.

21Shares introduced three new crypto ETPs (BX Swiss) that track the performance Aave, Chainlink and Uniswap at the start of the year. It listed Chainlink, Terra and Uniswap ETPs at Euronext Paris and Amsterdam a few days later.

The entity also focused its attention on Australia in April. The two entities teamed up with ETF Securities to unveil the first two ETFs that offer clients direct access to cryptocurrency. The products are called EBTC or EETH and reflect the Australian dollar valuations of Bitcoin and Ethereum.

21Shares also introduced two private funds for accredited US investors. The “Vinter 21Shares Crypto Basket 10 US Index”, which tracks the performance the 10 largest cryptocurrencies according to market capitalization, and the “Vinter 21Shares Crypto Mid-Cap US Index”, which focuses on emerging digital assets of mid-tier status, is called “Vinter 21Shares Crypto Mid-Cap US Index”.

CryptoPotato’s first post, 21Shares focuses on the Middle East with a Bitcoin ETP Launched on Nasdaq Dubai, appeared first on CryptoPotato.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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