Crypto funding merchandise agency 21.co mentioned on Wednesday its subsidiary 21Shares AG has listed a bitcoin exchange-traded product on Nasdaq Dubai, making it the Middle East’s first physically-backed bitcoin ETP.
The 21Shares Bitcoin ETP trades, underneath the ticker ABTC, in the identical method because the 21Shares Bitcoin ETP in Europe, 21.co mentioned in a press release.
Dubai has ambitions to turn into a worldwide cryptocurrency hub and has attracted massive business gamers to arrange store like Binance, which went on a UAE hiring spree this 12 months and helps to form the Middle East business hub’s digital belongings rules.
Following the Dubai itemizing, 21Shares has 46 listed merchandise in seven international locations, 21.co added.
Swiss-based 21.co final month raised $25 million in a funding spherical that valued it at $2 billion, which it mentioned made it “Switzerland’s largest crypto unicorn”.
The crypto market has suffered a rout that has pressured a few of its largest gamers to put off hundreds of staff to chop prices.
But Sherif El-Haddad, appointed 21Shares head of Middle East in August, was upbeat, saying cryptocurrencies have been “fast becoming the asset of the future for investors and wealth managers around the world”.
The Middle East and North Africa is the world’s fastest-growing cryptocurrency area, the place the amount of crypto obtained jumped 48% within the 12 months to June, blockchain researcher Chainalysis mentioned in a report final week.
Hany Rashwan, CEO and co-founder of 21Shares, mentioned within the assertion the corporate “will continue to support the Middle East’s ambitions to become a global crypto hub”.