Crypto investment product firm 21Shares has launched a physical bitcoin exchange-traded-product (ETP) in the Middle East that is set to be listed on the Nasdaq Dubai.
21Shares has continued to expand globally, and its newly formed parent company recently raised $25 million at a $2 billion valuation. The firm now offers over 46 products listed across 12 exchanges in seven different countries.
“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,” Sherif El-Haddad, who joined the firm in August as Middle East head, said in a statement.
Last year, Canadian digital-asset manager 3iQ’s bitcoin exchange-traded fund (ETF) began trading on Nasdaq Dubai. At the time, 3iQ's ETF was the first cryptocurrency fund to start trading in the Middle East.
Dubai has major plans for its digital economy. Its Dubai Metaverse Strategy, which launched recently, aims to attract more than 1,000 blockchain and metaverse companies to the city as well as support more than 40,000 virtual jobs by 2030.
Last month, crypto exchange Binance secured a license from Dubai's Virtual Asset Regulatory Authority to offer a range of crypto-related services in the city.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.