21Shares, a major global provider of Cryptocurrency Trading (ETP) products, introduces Physical Bitcoin (ETP)
BTC
ETP in the United Arab Emirates.
The new bitcoin ETP 21Shares has started trading on the international financial exchange Nasdaq Dubai under the ABTC brand, the company announced on October 12.
The newly launched crypto product is physically secured, meaning it is fully secured by the underlying bitcoin assets they track with 1:1 leverage, Hani Rashwan, co-founder and CEO of 21Shares, told Cointelegraph. He noted that the main ETP crypto assets are put into an offline wallet for greater security.
The expansion of 21Shares in the UAE is an important milestone in the development of the company on an international level. Including Nasdaq Dubai, ETP 21Shares is listed on 12 exchanges including SIX Swiss Exchange, Deutsche Börse, EuroNext, BXSwiss, Wiener Börse, Quotrix, Gettex, Börse Stuttgart, Börse München, Börse Düsseldorf and Nasdaq.
According to Rashwan, Germany and Switzerland are currently the largest markets for 21Shares cryptocurrency ETP in Europe.
“For the MENA region, we expect a lot of interest given the crypto-friendly nature of the region,” Rashwan said, adding that the UAE received more cryptocurrencies in 2021 than any other Arab country.
The CEO also mentioned that the MENA region has become a hub for major crypto companies and exchanges such as FTX, Kraken and Blockchain.com, attracting more investors following India’s decision to tax cryptocurrency profits at 30%. “The level of interest in the Middle East and its suitability for cryptocurrencies has made it a key market for expansion for 21Shares,” Rashwan said.
21Shares is not the only company to list cryptocurrency investment products on Nasdaq Dubai. Canadian investment fund manager 3iQ also listed a bitcoin ETP on Nasdaq Dubai last year. The product trades under the QBTC token and provides indirect exposure to bitcoin. The CEO of 21Shares confirmed that “3iQ Bitcoin Fund has no financial backing.”
Related Topics: Middle East and North Africa Fastest Growing Crypto Markets: Data
The news comes shortly after 21Shares, 21Shares’ new parent company, appointed Sheriff El Haddad as president of the Middle East and North Africa region in August. Al Haddad, former head of asset management at Dubai-based Al Mal Asset Management, had previously attempted to create a cryptocurrency trading fund that was actually backed by cash, but his proposal was not approved.
