First physical Bitcoin ETP listed on Nasdaq Dubai

In this post:

  • Middle East gets physical Bitcoin ETP listed on Nasdaq Dubai.
  • After the Dubai listing, 21Shares now has 46 listed items in seven nations.
  •  Entering the Middle East.

The developer of cryptocurrency investment products 21.co announced on Wednesday that one of its subsidiaries, 21Shares AG, had listed a bitcoin exchange-traded product on Nasdaq Dubai, making it the first physically-backed bitcoin ETP in the Middle East.

According to a statement from 21.co, the 21Shares Bitcoin ETP trades similarly to the 21Shares Bitcoin ETP in Europe under the ticker ABTC.

Binance, which went on a UAE hiring spree this year and is assisting in forming the virtual assets legislation in the Middle East commercial center, is one of the major industry players that have been drawn to Dubai because of its ambitions to become a worldwide hub for cryptocurrencies.

After the Dubai listing, 21Shares now has 46 listed items in seven nations, according to 21.co.

The Swiss company 21.co secured $25 million in a funding round last month, valuing it at $2 billion, and claiming to be “Switzerland’s largest crypto unicorn” as a result.

Due to the collapse of the cryptocurrency market, several of its biggest players were compelled to fire hundreds of staff in order to reduce costs.

 ETP entering the Middle East

The underlying securities, an index, or other financial instruments are tracked by an exchange-traded product. ETPs trade on markets equivalent to stock exchanges, therefore their prices can shift both day to day and intraday.

According to CEO and co-founder of 21Shares Hany Rashwan,  21Shares’ ETPs will help investors hedge against market and price volatility because they are physically backed ETPs – collateralized by underlying Bitcoin assets they follow. He also noted that the ETP structure that 21Shares is launching has inherent risk reduction.

Rashwan claims that they have been monitoring the market for a while, and it is evident that regional demand for Bitcoin makes it the preferred cryptocurrency at the moment.  Additionally, 21Shares pays attention to its investors, and the strongest appetite is for Bitcoin. Bitcoin trades at a large volume compared to other cryptocurrencies, offering more market-making opportunities and higher liquidity.

“However, this is the company’s first launch. We are now concentrating on our launch and giving investors best-in-class products and services. We are devoted to the UAE and the MENA region, and we hope to develop and grow our offerings there over time.”

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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