Switzerland’s biggest crypto unicorn gives Middle Eastern investors access to the world’s first Bitcoin ETP
Hany Rashwan, CEO and co-founder of 21Shares (©21Shares)
Munich/Dubai, 12 October 2022 – 21Shares AG, the subsidiary of 21.co and Switzerland’s highest-rated crypto-unicorn, is expanding into the Middle East – a key region on fintech’s global roadmap. The listing of 21Shares Bitcoin ETP (Ticker: ABTC) on Nasdaq Dubai introduces the Middle East’s first physically backed Bitcoin ETP. With the addition of Nasdaq Dubai, 21Shares lists over 41 products on 12 exchanges in seven countries.
21Shares wants to support the Middle East’s crypto ambitions
“Expansion into the United Arab Emirates is a significant milestone in our international growth plans. Coming from the Middle East myself, the region is extremely important to me. As a company, we strive to provide secure access to cryptocurrency products to regional investors.” , said Hany Rashwan, CEO and co-founder of 21Shares. “Our partners Nasdaq Dubai and Dubai Financial Market share our vision to provide investors with access to new and exciting asset classes. 21Shares will support the Middle East’s ambitions to become a global crypto hub.”
Today’s news follows the recent appointment of Sherif El-Haddad as head of the Middle East in August this year. Commenting on the IPO, El-Haddad said: “Cryptocurrencies are becoming the asset of the future for investors and asset managers worldwide as global crypto adoption and investment levels continue to rise. The Middle East is a key accelerator of this growth. The United Arab Emirates and the wider Gulf Cooperation Council (GCC) is a market of significant strategic importance to our business and we are excited about the opportunities this market opens up for us.”
The Middle East as a promising crypto center
The Middle East is a crypto hotspot. The 21Shares research team found that no other Arab country traded more cryptocurrencies in 2021 than the United Arab Emirates. In addition, the region has recently emerged as a key region for crypto companies and exchanges such as FTX, Kraken and Blockchain.com, especially after India’s decision to tax cryptocurrency profits at 30 percent. The Middle East’s high level of interest and crypto-friendliness speaks to the region as a prime market for expansion.
In September 2022, 21Shares announced the formation of its parent company 21.co and announced its $25 million funding round. This made the world’s leading crypto ETP provider Switzerland’s biggest crypto unicorn. So far, 21Shares products have been listed in Switzerland, Germany, France, Austria, Sweden and Australia. With the market entry into the Middle East, the company is now taking the next step on its global roadmap.
The material in this press release is for informational purposes only. 21Shares AG and its affiliates do not recommend any action based on this information. The material should not be construed as an offer or recommendation to buy or sell securities or as investment advice. Furthermore, this information does not constitute a representation that the investments described herein are suitable or useful for any person. Past results are not an indicator of future price developments.
The author provides information only here, there is no investment advice, recommendation or invitation to buy or sell investments. Investment transactions involve risk, so it is recommended to consult professional investment advisors. In this context, we would like to point out that an investment in shares (including hot shares or penny shares), certificates, funds or warrants is sometimes associated with significant risk. A total loss of the invested capital cannot be ruled out.
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