Dubai Launches First Spot Bitcoin ETP – Bitcoin Magazine
According to a press release, financial services company 21Shares has launched the first physically backed Bitcoin Exchange Traded Product (ETP) in the Middle East.
The ETP will trade on the Nasdaq Dubai Exchange under the similar ticker symbol ABTC to the spot Bitcoin ETP that the company previously launched in Europe.
“I am from the Middle East myself, the region is very important to me and as a company we are committed to providing investors in the region with safe and secure access to our crypto-backed products. 21 shares.
Furthermore, according to a press release, the launch of 21Shares’ spot bitcoin ETP follows parent company 21.co’s $25 million fundraising, making it Switzerland’s largest “cryptocurrency unicorn.”
21Shares offers 46 products on 12 exchanges spread across 9 countries, making it the world’s largest provider of ETPs backed by digital assets like Bitcoin.
Sherif El-Haddad, recently appointed Head of Middle East at 21Shares, shared her thoughts on offering the first Bitcoin ETP in the region.
“Cryptocurrency is fast becoming the asset of the future for investors and wealth managers around the world as cryptocurrency adoption and investment levels continue to accelerate rapidly. The Middle East is a major accelerator of this growth. ‘ said El Haddad.
Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Markets, also commented on the product, stating that the ETP showcases Dubai’s innovation as it moves towards its goal of becoming a Bitcoin and cryptocurrency hub. said to continue.
“Streamlining investor access to diverse asset classes is a key pillar of Nasdaq Dubai’s efforts to attract further investment and stimulate active engagement from various market participants,” Ali said. says.
Dubai Launches First Spot Bitcoin ETP – Bitcoin Magazine
Source link Dubai Launches First Spot Bitcoin ETP – Bitcoin Magazine
