Financial services firm 21Shares has launched the first physically-backed bitcoin exchange traded product (ETP) in the Middle East, per a press release.
The ETP will trade on the Nasdaq Dubai exchange under ticker symbol ABTC similar to the spot bitcoin ETP the company previously launched in Europe.
“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,” said Hany Rashwan, CEO and co-founder of 21Shares.
Furthermore, the launch of 21Shares’ spot bitcoin ETP follows the $25 million raise of its parent company 21.co, which made it Switzerland’s largest “crypto unicorn”, per 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.
“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,” said El-Haddad.
Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market also commented on the product, stating that this ETP continues to show the innovation of Dubai as it continues toward its goal of becoming a hub for bitcoin and cryptocurrencies.
“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,” said Ali.