Physical Bitcoin ETP launched by 21Shares got listed on Nasdaq Dubai
Physical Bitcoin ETP launched by 21Shares, got listed on Nasdaq Dubai for the United Arab Emirates.?Through the 21 Shares Bitcoin ETP, the Middle East, now offers direct investment opportunities in Bitcoin.
In the United Arab Emirates, 21Shares, a major cryptocurrency exchange-trading product (ETP) provider in the world, will launch a physical Bitcoin ETP.? The new offering from 21Shares is listed on the international financial exchange Nasdaq Dubai under the ticker ABTC, the firm announced on Oct. 12.
According to 21Shares CEO Hany Rashwan, the newly launched crypto product is fully collateralized by the underlying Bitcoin assets they track with 1:1 leverage. To ensure better security, the ETP's underlying crypto assets are deposited in an offline wallet.
The company's expansion into the UAE represents a major milestone in its international expansion. Twelve exchanges, which include SIX Swiss Exchange, Deutsche Börse, EuroNext, BXSwiss, Wiener Börse, Quotrix, Gettex, Börse Stuttgart, Börse München, Börse Düsseldorf, list 21Shares' ETPs, in addition to Nasdaq Dubai.
The two biggest markets for 21Shares' crypto ETPs in Europe are Germany and Switzerland, according to Rashwan. The CEO added that since India decided to tax cryptocurrency profits at a 30% rate, the MENA area has emerged as a hub for major cryptocurrency exchanges like FTX, Kraken, and Blockchain.com, drawing even more investors. There are major plans for Dubai's digital economy.
About 21Shares :
The business?21Shares offers 46 goods which are listed on 12 exchanges in seven different nations.?The company has continued to expand globally, and its newly formed parent company recently raised $25 million at a valuation of $2 billion. Through its recently established Dubai Metaverse Strategy, it hopes that by 2030 it will provide more than 40,000 virtual employment and draw more than 1,000 blockchain and metaverse businesses to the city.
Another firm that has listed crypto investment products on Nasdaq Dubai :
A Bitcoin ETP was also listed on Nasdaq Dubai last year by Canadian investment fund manager 3iQ. Indirect exposure to Bitcoin is provided by the product, which trades under the ticker QBTC. 3iQ's ETF was the first cryptocurrency fund to trade in the Middle East at the time.
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