21Shares Launches First Physically-Backed Bitcoin ETP on Nasdaq Dubai
Launch of the Bitcoin ETP
21Shares AG has successfully launched the Middle East's first physically-backed Bitcoin Exchange-Traded Product (ETP) on Nasdaq Dubai. Trading under the ticker ABTC, this ETP marks a significant milestone in expanding cryptocurrency investment opportunities in the region.
The launch follows a $25 million investment round led by Marshall Wace, valuing 21.co, the parent company, at approximately $2 billion. This funding has enabled 21Shares to further its global expansion strategy, with a focus on making its products available in key markets worldwide.
Strategic Expansion and Market Importance
The UAE and the broader Gulf Cooperation Council (GCC) region are strategic priorities for 21Shares. Sherif El-Haddad, Head of the Middle East at 21Shares, emphasized the region's importance, stating that it opens significant opportunities for the company. With the Dubai listing, 21Shares now boasts 46 listed products across seven countries, solidifying its presence in global markets.
Growth of the Middle East Crypto Market
Recent data from on-chain analytics platform Chainalysis highlights the Middle East and North Africa (MENA) region as the world's fastest-growing cryptocurrency market. Between July 2021 and June 2022, the region received $566 billion in cryptocurrencies, marking a 48% increase in transaction volume. This growth underscores the region's potential as a global crypto hub.
Commitment to the Middle East's Crypto Ambitions
Hany Rashwan, CEO of 21Shares, expressed the company's commitment to supporting the Middle East's goal of becoming a leading global crypto hub. The launch of the Bitcoin ETP on Nasdaq Dubai is a testament to this commitment, offering investors in the region access to a regulated and secure investment product.
This move by 21Shares not only strengthens its position in the global cryptocurrency market but also aligns with the growing demand for digital asset investment opportunities in the Middle East.
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