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Dubai has ambitions to become a global cryptocurrency hub and has attracted big industry players like Binance to set up shop
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After listing in Dubai, 21Shares has 46 listed products in 7 countries. — file photo
Crypto investment product company 21.co said on Wednesday that its subsidiary 21Shares AG has listed a bitcoin exchange-traded product on Nasdaq Dubai, becoming the first physically-backed bitcoin ETP in the Middle East.
21.co said in a statement that the 21Shares Bitcoin ETP, which trades under the symbol ABTC, will trade in the same way as the 21Shares Bitcoin ETP in Europe.
Dubai has ambitions to become a global cryptocurrency hub and has attracted big industry players like Binance to set up shop, which has been on a hiring spree in the UAE this year and is helping to shape virtual asset regulations in the Middle East business hub.
21.co added that after listing in Dubai, 21Shares has 46 listed products in seven countries.
Switzerland-based 21.co raised $25 million in a funding round last month at a valuation of $2 billion, which it says makes it “Switzerland’s largest crypto unicorn.”
The cryptocurrency market has slumped, forcing some of its biggest players to lay off thousands of employees to cut costs.
But Sherif El-Haddad, who was appointed head of 21Shares Middle East in August, was optimistic, saying cryptocurrencies “are rapidly becoming the asset of the future for investors and wealth managers around the world.”
Blockchain research firm Chainalysis said in a report last week that the Middle East and North Africa is the fastest-growing cryptocurrency region in the world, with cryptocurrency acceptance in the region jumping 48 percent in the year to June.
21Shares CEO and co-founder Hany Rashwan said in a statement that the company “will continue to support the Middle East’s ambition to become a global crypto hub.” — Reuters
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