The Middle East has emerged as a prominent space for crypto, metaverse, and Web3 in general. A multitude of firms was seen steering toward the Middle East offering a wide range of services. Prominent crypto investment product firm 21Shares decided to give the Middle East a glimpse of physical Bitcoin exchange-traded products [ETP].
In a recent announcement, it was brought to light that 21Shares was rolling out the first physically-backed Bitcoin ETP in the Middle East. The firm was listing 21Shares Bitcoin ETP on Nasdaq Dubai under the ticker ABTC.
Hany Rashwan, CEO and co-founder of 21Shares who is from the Middle East expressed his excitement about going back to his roots. Rashwan noted that the firm was committed to offering “regional investors safe and secure access to cryptocurrency-backed products.” He added,
“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.”
‘Open, progressive, and innovative Dubai’
As mentioned above, the Middle East and Dubai in particular have been aiming to emerge as a global hot spot for crypto. A recent report by the Telecommunications and Digital Government Regulatory Authority [TDRA] shows about 11.4 percent of UAE residents had invested in crypto. This certainly seems like a dainty number. Yet, the increased interest from global crypto firms in the UAE or the Middle East, shows the region’s potential.
Elaborating on the same, Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market [DFM] said,
“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 endeavor to attract further investments and stimulate active engagement from various market participants.”
It should be noted that 21Shares has a presence in just 9 countries across 12 exchanges. The firm’s latest venture shows how the Middle East is considered to be a promising market.