21Shares Launches Bitcoin ETP In Middle East

The Middle East, one of the world’s fastest-growing crypto marketplaces, now has a new way to invest in Bitcoin directly through the 21Shares Bitcoin ETP.

21Shares, a crypto investment product provider, has created a physical Bitcoin exchange-traded product (ETP) in the Middle East, which will be listed on the Nasdaq Dubai.

The company’ global expansion has continued, and its newly created parent company recently raised $25 million at a $2 billion value. The company presently has over 46 products listed on 12 exchanges in seven different countries.

Sherif El-Haddad, who joined the firm in August as Middle East head, said in a statement:

“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.

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 to us.”

21Shares is not the first company to launch cryptocurrency investment products on Nasdaq Dubai. Last year, 3iQ, a Canadian digital asset manager, launched a Bitcoin exchange-traded fund (ETF) on Nasdaq Dubai. 3iQ’s ETF was the first cryptocurrency fund to begin trading in the Middle East at the time.

Dubai has grand ambitions for its digital economy. Its newly published Dubai Metaverse Strategy intends to bring more than 1,000 blockchain and metaverse enterprises to the city as well as provide more than 40,000 virtual employment by 2030.

Binance received a license from Dubai’s Virtual Asset Regulatory Authority last month to provide a variety of crypto-related services in the city.

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