21Shares has announced its launch in the Middle East – introducing the first physically-backed bitcoin ETP in the Middle East with the listing of 21Shares Bitcoin ETP (Ticker: ABTC) on Nasdaq Dubai.
The firm writes that this marks 21Shares’ first entry into the Middle East – a key region on the company’s global roadmap.
The 21Shares Bitcoin ETP is listed on Nasdaq Dubai and trades in the same way as the 21Shares Bitcoin ETP in Europe. With the addition of Nasdaq Dubai, 21Shares lists over 46 products across 12 exchanges in seven countries.
“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,” says Hany Rashwan, CEO and co-founder of 21Shares.
“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.”
Today’s news follows the recent appointment of Sherif El-Haddad, who joined 21Shares in August this year as Head of Middle East. Commenting on the listing, El-Haddad adds; “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.”
Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM), says: “We are pleased that 21Shares has selected Nasdaq Dubai to list its ETP. 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 endeavour 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 market.”