The Zug-based issuer of crypto products continues its expansion course by entering the Middle East market.
Swiss fintech company 21Shares launched an exchange-traded bitcoin product (ETP) on the Nasdaq Dubai technology exchange, making it the first physically-backed bitcoin ETP in the Middle East.
Expanding Global Presence
With the new UAE ETP product, 21Shares now has 46 listed crypto products on 12 exchanges in nine different countries, according to a media release Wednesday. The ETP trades under the same ticker as in Europe - ABTC.
CEO Hany Rashwan highlighted the importance of the region to 21Shares by saung that «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».
Global Crypto Hub
21Shares 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», Hany added.
In August 21Shares appointed Sherif El-Haddad as head of the Middle East, commenting on the listing said «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. The UAE, and broader GCC, is a market of significant strategic importance to our business, and we are excited about the opportunity this market opens to us».
