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HomeBTCCrypto firm 21Shares lists bitcoin ETP on Nasdaq Dubai

Crypto firm 21Shares lists bitcoin ETP on Nasdaq Dubai

A physical bitcoin exchange-traded product (ETP) has been introduced by the company 21Shares in the Middle East and is expected to list on the Nasdaq Dubai.

Globally, 21Shares has kept growing, and its recently established parent company raised $25 million at a $2 billion valuation. The company now has over 46 products available, which are listed on 12 exchanges in seven different nations.

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

“The UAE, and broader [Gulf Cooperation Council], is a market of significant strategic importance to our business, and we are excited about the opportunity this market opens to us.”

After the Dubai listing, 21Shares now has 46 listed items in seven nations, according to 21.co.

The Swiss company 21.co secured $25 million in a funding round last month, valuing it at $2 billion, and claiming to be “Switzerland’s largest crypto unicorn” as a result.

Due to the collapse of the cryptocurrency market, several of its largest players were compelled to fire hundreds of staff in order to reduce costs.

However, Sherif El-Haddad, who was appointed head of 21Shares Middle East in August, remained optimistic and stated that cryptocurrencies were “quickly becoming the asset of the future for investors and wealth managers around the world.”

The bitcoin exchange-traded fund (ETF) from Canadian digital asset management 3iQ started trading on Nasdaq Dubai last year. The first cryptocurrency fund to begin trading in the Middle East at the time was 3iQ’s ETF.

Major preparations are in place for Dubai’s digital economy. By 2030, it hopes to provide more than 40,000 virtual employment and draw more than 1,000 blockchain and metaverse businesses to the city through its recently established Dubai Metaverse Strategy.

Binance, a cryptocurrency exchange, obtained a permit from Dubai’s Virtual Asset Regulatory Authority last month to provide a variety of services relating to cryptocurrencies there.

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