21Shares launches a physical ETP on Nasdaq Dubai

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Switzerland-based crypto investment product firm 21Shares is debuting a physical Bitcoin exchange-trading product (ETP) in the United Arab Emirates.

On October 12, the company announced that the new 21Shares Bitcoin ETP has begun trading on the global stock market Nasdaq Dubai under the ticker ABTC.

Hany Rashwan, co-founder and CEO of the investment product company, said that the recently launched cryptocurrency product is physically backed, which implies that it is completely collateralized by the core Bitcoin assets they follow with 1:1 leverage. To guarantee increased protection, the underlying crypto assets of the ETP are stored in an offline wallet, he explained.

12 exchanges are listing 21Shares physical ETP

The entry into the UAE marks a significant turning point in 21Shares’ international development. Along with Nasdaq Dubai, 12 exchanges, including SIX Swiss Exchange, Deutsche Börse, EuroNext, BXSwiss, Wiener Börse, Quotrix, Gettex, Börse Stuttgart, Börse München, Börse Düsseldorf, and Nasdaq Dubai, are also listing 21Shares ETPs.

Rashwan claims that the two main European markets for the company’s crypto ETPs are now Germany and Switzerland. He went on to add that the UAE received more cryptocurrency than any other Arab nation in 2021.

“In terms of MENA, we expect strong interest given the crypto-friendly nature of the region.” 

The recent listing comes a few weeks after the company’s new member Sherif El-Haddad’s entry, who joined 21Shares in August 2022 as Middle East head. He commented on the latest development by stating:

“Cryptocurrencies are fast becoming the asset of the future for investors and wealth managers around the world, as global crypto adoption and investment levels continue to accelerate at pace – and the Middle East is a major accelerator of this growth.”

“The UAE, and broader GCC, is a market of significant strategic importance to our business, and we are excited about the opportunity this market opens to us,” El-Haddad added.

Notably, in April this year, 21Shares launched an ETP focused on Animoca Brands’ The Sandbox metaverse, as TheCoinRise reported.

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