According to a press release, financial services company 21Shares has introduced the first exchange traded product (ETP) for Bitcoin that is physically backed in the Middle East.

Trading under the ticker symbol ABTC on the Nasdaq Dubai market, the ETP will operate similarly to the spot Bitcoin ETP the company previously introduced in Europe.

CEO and co-founder of 21Shares Hany Rashwan stated:

Coming from the Middle East myself, the region is exceptionally important to me and, as a company, we are committed to providing regional investors with safe and secure access to cryptocurrency-backed products.

21Shares is now the world’s largest provider for ETPs backed by digital assets because it now offers 46 products on 12 exchanges spread across nine different countries.

The newly hired manager of 21Shares’ Middle East region, Sherif El-Haddad, discussed his thoughts on launching the first Bitcoin ETP in the area.

El-Haddad explains, “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.”

Additionally commenting on the product, Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market, said that this ETP continues to demonstrate Dubai’s ingenuity as it works to achieve its aim of becoming a center for Bitcoin and other cryptocurrencies.

Ali added that simplifying investors’ access to diverse asset classes is a crucial component of Nasdaq Dubai's strategy to draw in more investments and encourage active participation from a range of market participants.

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