Crypto investment products firm 21.co said on Wednesday that its subsidiary 21Shares AG has listed a bitcoin exchange-traded product on Nasdaq Dubai, making it the Middle East’s first physically backed bitcoin ETP.
The 21Shares Bitcoin ETP trades under the ticker ABTC, just like the 21Shares Bitcoin ETP in Europe, 21.co said in a statement.
Dubai has ambitions to become a global cryptocurrency hub and has attracted big industry players to set up shop like Binance, which it recruited in the UAE this year to shape the Middle East commercial hub’s virtual asset regulations. helping in.
Following the Dubai listing, 21Shares has 46 listed products in seven countries, 21.co added.
Swiss-based 21.co raised $25 million last month in a funding round that was valued at $2 billion, making it “Switzerland’s largest crypto unicorn.”
The cryptocurrency market has suffered, forcing some of its biggest players to lay off thousands of employees to cut costs.
But Sheriff Al-Haddad, who was appointed 21Shares head of the Middle East in August, was upbeat, saying that cryptocurrencies are “becoming the asset of the future for investors and wealth managers around the world”.
The Middle East and North Africa are the world’s fastest-growing cryptocurrency regions, with crypto volume rising 48% in June, blockchain researcher Chainalysis said in a report last week.
Honey Rashwan, CEO and co-founder of 21Shares, said in the statement that the company will “continue to support the Middle East’s ambitions to become a global crypto hub”.