21Shares Bitcoin ETP (Exchange Trading Product) has begun trading on Nasdaq Dubai under the ticker ABTC, from October 18.
The newly launched crypto product is physically backed, 21Shares co-founder and CEO Hany Rashwan told Cointelegraph, an independent digital media resource.
To ensure better security, the crypto assets underlying the ETP are deposited in an offline wallet, Rashwan added.
21Shares’ ETPs are already listed across 12 exchanges, including SIX Swiss Exchange, Deutsche Börse, EuroNext, BXSwiss, Wiener Börse, Quotrix, Gettex, Börse Stuttgart, Börse München, Börse Düsseldorf and Nasdaq.
Germany and Switzerland, according to Rashwan, are currently the two of the biggest markets for 21Shares’ crypto ETPs in Europe.
Following India’s decision to tax crypto earnings at 30%, the MENA region has become a hub for crypto companies and major exchanges like FTX, Kraken, and Blockchain.com, the CEO said.
“The Middle East’s level of interest and crypto-friendliness made it a prime market for expansion for 21Shares,” Rashwan added.
Last year, Canadian investment fund manager 3iQ listed a Bitcoin ETP on Nasdaq Dubai as well.
There is now a new opportunity to invest directly in Bitcoin in the Middle East, one of the fastest-growing crypto markets in the world.