21Shares announced its physically-backed Bitcoin ETP in the Middle East, with the listing of 21Shares Bitcoin ETP on Nasdaq Dubai. The firm said this is 21Shares’ first entry into the Middle East – one of the world’s fastest-growing crypto markets and a key region on 21Shares’ global roadmap.
Listed on Nasdaq Dubai, the 21Shares Bitcoin ETP trades in the same way as the 21Shares Bitcoin ETP in Europe, according to a statement. With the launch in Dubai, 21Shares lists more than 46 products across 12 exchanges in seven countries.
Hany Rashwan, 21Shares CEO and co-founder, commented on the launch: “Our expansion into the UAE is a major milestone in 21Shares’ international growth plans. Coming from the Middle East myself, the region is exceptionally important to me, and, as a company, we are committed to providing regional investors with safe and secure access to cryptocurrency-backed products,” he said, adding:
“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.”
The news follows the recent appointment of Sherif El-Haddad, who joined 21Shares this August as Head of Middle East. “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 commented on the listing.
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. Nasdaq Dubai’s world-class infrastructure, broker network, and regulatory-focused approach offers fund managers the right environment to bring their products to market.”
21Shares is not the only firm that has listed crypto investment products on Nasdaq Dubai. Last year, Canadian investment fund manager 3iQ also listed a Bitcoin ETP on Nasdaq Dubai. The product is trading under the ticker QBTC and offers indirect exposure to Bitcoin. “The 3iQ Bitcoin Fund is not physically-backed,” the 21Shares CEO underlined.