The world’s largest crypto exchange-traded merchandise agency 21Shares launches its first physically-backed Bitcoin ETP within the Center East. The 21Shares Bitcoin ETP (ABTC) is efficiently listed on Nasdaq Dubai. It marks the ETP issuer’s first entry into the Center East as crypto adoption grows within the area, particularly the UAE.
21Shares Declares First Bodily-Backed Bitcoin ETP in Dubai
In a press release on October 12, 21Shares publicizes the itemizing of the primary physically-backed Bitcoin ETP on Nasdaq Dubai. The 21Shares Bitcoin ETP will commerce in the identical method because the 21Shares Bitcoin ETP in Europe. With the itemizing of the primary Bitcoin ETP within the Center East, 21Shares now has 46 merchandise throughout 12 exchanges in 9 nations.
Hany Rashwan, CEO and co-founder of 21Shares, believes the growth into the UAE is a significant milestone as a result of huge progress in crypto and blockchain adoption within the area. The corporate’s crypto-backed merchandise enable regional buyers to soundly and securely enter the crypto market.
“Our companions Nasdaq Dubai and Dubai Monetary Market share our imaginative and prescient to supply buyers with entry to new and thrilling asset lessons. 21Shares will proceed to assist the Center East’s ambitions to change into a world crypto hub.”
The transfer adopted the current appointment of Sherif El-Haddad as Head of Center East at 21Shares. He asserts the Center East, particularly the UAE, holds important strategic significance for the agency because the government-led crypto adoption picks tempo within the area.
A number of crypto exchanges and firms expanded to the area after the institution of the Digital Property Regulatory Authority (VARA) in March 2022. Main exchanges together with Binance, Coinbase, FTX, eToro, OKX, Kraken, and so forth. have established workplaces in UAE cities Dubai and Abu Dhabi.
The U.S. Nonetheless Seeks Its First Bitcoin ETP
Whereas 21Shares and different ETP firms proceed to concern Bitcoin exchange-traded merchandise the world over, U.S. crypto buyers nonetheless search the primary Bitcoin spot ETP. Crypto specialists consider the SEC accepting a Bitcoin spot ETF will drive huge institutional adoption.
Nevertheless, the SEC accepted Bitcoin futures ETFs, however not Bitcoin spot ETFs. The SEC cites fraud and market manipulation as causes for rejecting ETFs by WisdomTree and Grayscale. In the meantime, Grayscale calls the SEC choice “discriminatory” because it seeks to transform its Bitcoin Belief (GBTC) right into a spot Bitcoin ETF.
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