21Shares Launches a Physically-Backed Bitcoin ETP on NASDAQ Dubai
21Shares AG, part of the parent company, 21.co, announced its entry into the Middle East to provide investors in the market with access to the rapidly-growing asset class via NASDAQ Dubai.
21Shares Aiming for Global Reach
According to an announcement by the company on October 12, 2022, 21Shares said it is launching in the Middle East. It aims to introduce the first physically-backed bitcoin ETP in the Middle East by listing 21Shares Bitcoin ETP (Ticker: ABTC) on Nasdaq Dubai.
The move sets the ground for 21Shares’ first entry into the Middle East – an important parameter on the firm’s global roadmap.
Furthermore, apart from the 21Shares Bitcoin ETP being listed on Nasdaq Dubai, it will trade similarly to the 21Shares Bitcoin ETP in Europe. The listing will also accompany a bell-ringing ceremony from the region’s international exchange.
The incorporation of 21Shares Nasdaq Dubai has broadened the firm’s reach; for example, the firm now lists 46 products across 12 exchanges in 9 countries.
What the Listing Means for 21Shares
Hany Rashwan, CEO and co-founder of 21Shares, believes that the company’s expansion to other regions will help generate significant international growth.
Rashwan stated,
“Our expansion into the UAE is a major milestone in 21Shares’ international growth plans. Coming from the Middle East myself, the region is critical to me, and, as a company, we are committed to providing regional investors with safe and secure access to cryptocurrency-backed products.”
He also complimented the relationship 21Shares has with Nasdaq Dubai and the Dubai Financial market and the mutual vision of helping investors globally.
Rashwan added:
“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 ambition to become a global crypto hub.”
The announcement comes after the recent appointment of Sherif El-Haddad to 21Shares. He joined the company in August this year as head of the Middle East. He also shared some insights by complementing the listing, which he believes will significantly accelerate growth.
Moving into the Middle East
El-Haddad commented on the listing 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 significant accelerator of 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 for us.”
On the other hand, Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM), also added positive comments on the listing and believes that it will aid in attracting further investments from various market participants worldwide.
Ali 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.”
Moreover, the announcement comes after the launch of 21Shares parent company, 21.co – and its recent $25 million fundraising round, which made the company Switzerland’s largest crypto giant.
