[ad_1]
The Switzerland-based fintech company – 21Shares AG – unveiled a Bitcoin exchange-traded product on Nasdaq Dubai, making it the first physically-backed BTC ETP in the Middle East.
The firm has recently been on a listing spree, introducing Bitcoin and Ethereum ETNs on Nasdaq Stockholm, crypto ETPs on Euronext Paris and Amsterdam, and more.
The Latest Offering
The investment product issuer – 21Shares – expanded its global reach by launching a bitcoin exchange-traded product (ETP) on the international financial exchange in the Middle East – Nasdaq Dubai. The feature will trade under the same ticker as in Europe – ABTC.
Adding the United Arab Emirates ETP, 21Shares now has 46 listed crypto products in seven different nations.
Hany Rashwan – CEO and Co-Founder of 21Shares – praised the Middle East as an important area for the digital asset industry. He assured that the company will continue to support the region’s ambitions to become a global cryptocurrency center.
Two months ago, 21Shares appointed Sherif El-Haddad as the head of the firm’s Middle East division. The executive is a firm proponent of the crypto sector, saying it could become “the asset of the future for investors and wealth managers around the world.”
The organization’s expansion in that region could be beneficial since it is the fastest-growing cryptocurrency market (according to a Chainalysis research). Local consumers have received over $566 billion in digital assets from July 2021 to June 2022, 48% more than what they obtained the year prior.
For its part, the financial heart of the Middle East – Dubai – often makes the headlines in the crypto space. Over the past several months, the domestic watchdogs allowed leading exchanges, such as Binance, CryptoCom, OKX, and FTX, to offer their services and products on local soil.
In addition, Dubai’s leading flag carrier – Emirates Airline – and the five-star hotel – Palazzo Versace Dubai – said they will accept bitcoin and certain alternative coins as a means of payment.
21Shares’ Previous Endeavors
At the end of 2021, the Swiss firm became the first issuer of physically-backed crypto exchange-traded notes (ETNs) on Nasdaq Stockholm. The monetary products trade under the ticker symbols ABTC and AETH and have Bitcoin and Ethereum as underlying assets.
At the beginning of this year, 21Shares launched three new crypto ETPs on the BX Swiss that track the performance of Aave, Chainlink, and Uniswap. Days later, it listed Chainlink, Terra, and Uniswap ETPs on Euronext Paris and Amsterdam.
In April, the entity focused on Australia, too. By joining forces with ETF Securities, the two parties unveiled the first two ETFs in the country that provide clients with direct access to cryptocurrencies. Titled EBTC and EETH, the products follow the valuation of respectively Bitcoin and Ethereum in Australian dollars.
Last but not least, 21Shares introduced two private funds dedicated to accredited US investors. “Vinter 21Shares Crypto Basket 10 US Index” tracks the performance of the ten largest cryptocurrencies by market capitalization, while “Vinter 21Shares Crypto Mid-Cap US Index” focuses on emerging mid-tier digital assets.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.
[ad_2]
Source link