[ad_1]
Dubai Ambitions To Become Global Crypto Hub And Attracts Big Industry Players To Open Stores Like Binance
Following the listing in Dubai, 21Shares has 46 products listed in seven countries. — file photo
Crypto investment product company 21.co said Wednesday that its subsidiary 21Shares AG has listed a bitcoin exchange-traded product on Nasdaq Dubai, making it the first physically-backed bitcoin ETP in the Middle East.
21.co said in a statement that the 21Shares Bitcoin ETP is traded in the same way as the 21Shares Bitcoin ETP in Europe, under the symbol ABTC.
Dubai, which has ambitions to become a global cryptocurrency hub and has attracted big industry players to open stores like Binance, has gone on a hiring spree in the UAE this year and is helping to shape virtual asset regulations in the business hub of the Middle East.
21.co added that following the Dubai listing, 21Shares has 46 listed products in seven countries.
Switzerland-based 21.co raised $25 million in a funding round last month that valued it at $2 billion, making it “Switzerland’s largest crypto unicorn,” it said.
The crypto market has been battered, forcing some of its biggest players to lay off thousands of employees to cut costs.
But Sherif El-Haddad, who was appointed head of the Middle East at 21Shares in August, expressed optimism, saying cryptocurrencies are “quickly becoming the asset of the future for investors and wealth managers around the world.”
Blockchain researcher Chainalysis said in a report last week that the Middle East and North Africa is the fastest-growing cryptocurrency region in the world, with the amount of cryptocurrency received soaring 48 percent in the year to June. .
Hany Rashwan, CEO and co-founder of 21Shares, said in a statement that the company “will continue to support the Middle East’s ambition to become a global crypto hub.” — Reuters
[ad_2]
Source link