21shares launches first spot bitcoin ETP in the Middle East

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21shares launches first spot bitcoin ETP in the Middle East

By Benson Toti - min read

The new spot bitcoin ETP will list and trade on Nasdaq Dubai, 21Shares said in a press release.

21Shares, a leading provider of cryptocurrency exchange traded products (ETPs), has expanded its product range to the Middle East, the company said in a press release on Wednesday.

The ETP issuer’s entry into the fast-growing Middle East market comes with the launch of 21Shares Bitcoin ETP, the region’s first physically-backed Bitcoin ETP.

21Shares continues expansion

21Shares’s new spot BTC exchange traded product will trade on Nasdaq Dubai under the ticker ABTC and will have the same characteristics as the 21Shares Bitcoin ETP Europe, according to the announcement.

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,” Hany Rashwan, CEO and co-founder of 21Shares said in a statement.

21Shares’ move into the Middle East comes a few weeks after parent company 21.co launched and raised $25 million at a $2 billion valuation to become the largest crypto unicorn in Switzerland.

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 Sherif El-Haddad, the Head of Middle East for 21Shares.

As CoinJournal reported, EL-Haddad joined 21Shares in August as the crypto ETP issuer expanded its reach across Europe and the Middle East.

Over the past year, and despite the crypto winter, 21Shares has expanded its innovative products suite, with launches including the world’s first USD Yield ETP, crypto exchange traded funds (ETFs) in Australia and pioneered the  and the Bitcoin and Gold ETP on the SIX Swiss Exchange.

In June, 21Shares unveiled its Crypto Winter Suite, which as CoinJournal also reported, offered a product set tailored to help investors navigate the bear market.