By
Bena Ilyas
May 17th, 2024
The new product is physically backed, which means it is collateralized by the underlying BTC assets tracked with 1:1 leverage.
Top issuer of crypto exchange-traded products (ETPs), 21Shares, has unveiled the first physical Bitcoin ETP in the Middle East. 21Shares announced the Middle East launch on the 12th of October, noting that its Bitcoin ETP is now listed on Nasdaq Dubai under the ticker “ABTC .”Launching the first physically-backed Bitcoin ETP in the Middle East and trading on the international financial exchange Nasdaq Dubai mark the company’s debut into the Middle East.
21Shares Launches Bitcoin ETP in the Middle East
The new product is physically backed, meaning that it is collateralized by the underlying BTC assets tracked with 1:1 leverage. Also, the company ensures that the underlying assets are deposited in an offline wallet for enhanced security. The latest 21 Shares expansion in the Middle East is yet another testament to its international growth. Following its debut on Nasdaq Dubai, the crypto ETP issuer has 46 products listed on 12 exchanges across 9 countries.
Speaking in the announcement, the company’s CEO and co-founder, Hany Rashwan stated:
“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. Our partners Nasdaq Dubai and Dubai Financial Market share our vision to provide investors with access to new and exciting asset classes. 21Shares will continue to support the Middle East’s ambitions to become a global crypto hub.”
21Shares’ Exec Says Crypto is the Future
Before now, 21Shares had hinted at a Middle East development. The ETP issuer appointed Sherif El-Haddad as the new Head of the Middle East. The executive also had something to say about the first physical Bitcoin ETP in the region. He talked about the increasing adoption of cryptocurrencies and how they have become an integral part of the financial system. Many countries are already working on their central bank digital currencies (CBDCs)) with some already in the testing phase. El-Haddad noted that crypto assets are gradually becoming the future asset for investors and wealth managers globally. The Middle East Head said the UAE market is important to the company’s business. He further expressed his excitement about the launch.
Also, Nasdaq Dubai and Dubai Financial Market’s CEO Hamed Ali noted his pleasure with 21Shares expanding into the Middle East.
“This is another testament to Dubai’s open, progressive, and innovation-first approach. Streamlining investors’ access to diversified asset classes is a key pillar in Nasdaq Dubai’s endeavor to attract further investments and stimulate active engagement from various market participants. Nasdaq Dubai’s world-class infrastructure, broker network and regulatory-focused approach offers fund managers the right environment to bring their products to the market,” said he.