21Shares spot Bitcoin ETP goes live on Nasdaq Dubai

Leading crypto exchange-traded product (ETP) issuer 21Shares has listed the first physically backed-bitcoin ETP on Nasdaq Dubai for the Middle East market.

21Shares announced that its first spot Bitcoin ETP will be trading under the ticker ABTC on Nasdaq Dubai.

Today, @21Shares proudly entered the Middle East with the launch of the first physically-backed bitcoin ETP $ABTC on Nasdaq Dubai. We’re very excited to be serving investors in the UAE! Ya hala! 👋 🇦🇪 pic.twitter.com/KyvLmEZe26

— 21Shares (@21Shares) October 12, 2022

21Shares executive Hany Rashwan noted that the Middle East was fast becoming a crypto hotspot, which strengthens the company’s decision to bring the ETP product to Dubai.

Rashwan added that his company will continue to support the Middle East on its drive to become a global crypto hub.

A recent Chainanlysis report named the Middle East and North Africa as the fastest-growing cryptocurrency region, with trading volume spiking by 48% by the end of the second quarter.

Head of 21Shares in the Middle East Sherif El-Haddad affirmed that the company will be well positioned to advance crypto adoption in the region.

“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,”El-Haddad said.

21Shares’ latest spot Bitcoin ETP adds to the company’s growing list of 46 ETP products listed across 12 exchanges in seven countries.

In April, 21Shares launched the first spot Bitcoin ETF (EBTC) and Ethereum ETF (EETH) in Australia.