The position of the Middle East is becoming more and more strong in the case of Web3, Metaverse, and crypto in general. Several companies were witnessing a push toward the region that is providing services at a broad scale. 21Shares, considered to be a prominent company for products related to crypto investment, is determined to offer the Middle East a sight of physical exchange-traded products (ETPs) of Bitcoin.
21Shares Declares 1st Physically-Backed BTC ETP’s Listing on Nasdaq Dubai
Recently, a declaration has been made by 21Shares in which the company stated that it was introducing the initial physically-backed ETP of Bitcoin in the region of the Middle East. Bitcoin ETP of 21Shares was being listed by the venue under ABTC as its ticker symbol on Nasdaq Dubai. 21Shares’ co-founder and CEO, Hany Rashwan (a resident of the Middle East), showed his enthusiasm regarding going back to the roots thereof. He asserted that the company was determined to provide regional investors with secure and safe access to products backed by cryptocurrency.
He mentioned that their collaborators Dubai Financial Market and Nasdaq Dubai have the same vision as they have to let the investors access the latest as well as stirring asset classes. Continuous support will be provided by 21Shares to the ambition of the Middle East to turn into a crypto hub across the globe. Dubai and the Middle East have specifically been endeavouring to turn into a worldwide crypto centre.
Recently, a report was published on behalf of the Telecommunications and Digital Government Regulatory Authority (TDRA). It indicated that approximately 11.4% of the people citizens of the UAE had made crypto investments. The respective number appears to be a dainty figure. Even then, the elevated interest shown by the crypto companies within the Middle East or UAE region presents the potential of the respective jurisdictions.
While explaining the respective move, Dubai Financial Market (DFM) and Nasdaq Dubai’s CEO – Hamed Ali – disclosed that they are delighted to witness that Nasdaq Dubai has been chosen by 21Shares for the listing of its ETP. As per him, this counts as a piece of evidence denoting that Dubai has an approach that prioritizes innovation, progressiveness, as well as and open-mindedness.
Crypto Purchasers in the US Still Pursue Spot BTC ETPs
In his words, reorganization of the investors’ entree into the wide-ranging classes of assets plays the role of a chief source in the endeavour taken by Nasdaq Dubai to allure additional investments as well as stimulate dynamic engagement from several market members. A noteworthy thing here is that at the moment 21Shares operates in only nine countries under twelve exchange platforms.
The exclusive venture of the company expresses the potential of the Middle East zone to be categorized as a promising market. Although diverse ETP venues – taking into account 21Shares – are moving ahead to push the BTC ETPs to an international sphere, the crypto purchasers within the United States are pursuing the primary spot ETPs of Bitcoin.
