By Alicia Maher
21Shares added Bitcoin ETP to its increasing number of ETPs. It is the latest of 46 other such products it offers to clients. They are all listed on 12 exchanges spread across seven countries around the world.
Opening New Frontiers
The top issuer of crypto exchange-traded products, 21Share, announced the listing. It is the first Bitcoin ETP to be physically backed. It is now listed on Nasdaq Dubai to serve the market in the Middle East.
21Shares further stated that its spot Bitcoin ETP is registered to trade with the ticker ABTC. It stated on Twitter that it is proud to announce its entry into the Middle East market. The announcement said the firm is excited to serve investors in the United Arab Emirates.
An executive at the firm, Hany Rashwan, stated that the Middle East is becoming a crypto hub. That informed and strengthens the firm’s choice of coming to Dubai with its ETP.
Rashwan also stated that the firm will keep supporting the Middle East. This is with regard to the region’s strive to become a global hub for crypto.
A report recently released by Chainalysis classified the Middle East and North Africa as fast-emerging crypto regions. Crypto trading in the two regions increased by 48% at the end of the second quarter of this year.
Crypto is Set for the Future
The head of the 21Shares Middle East operation, Sherif el-Haddad, gave his assurances. He confirmed that the firm is properly positioned to promote broader crypto adoption in the Middle East.
El-Haddad said cryptos are the best assets for the future as far as investors are concerned. Fund managers across the globe see the potential as adoption improves, he said. Investment levels are increasing at a good pace and the Middle East exists as one of the leading accelerators.
The latest offering has added to the firm’s portfolio of increasing ETP products. They are listed on 12 exchanges in seven different countries around the world.
21Shares unveiled its first spot Ethereum ETF and spot Bitcoin ETF in April. The products were unveiled in Australia to the excitement of the global crypto community.
Such crypto products are ways of giving different categories of clients exposure to cryptocurrencies. Institutional clients and fund operators who are not permitted by law to directly invest in crypto take advantage of such.