The Middle East, one of the world's fastest growing cryptocurrency markets, now presents a new opportunity to directly invest in Bitcoin through Shares 21's Bitcoin exchange-traded product.
Shares21, a major global provider of cryptocurrency trading products (ETP), is launching for the first time an exchange-traded Bitcoin (BTC) product in the UAE.
Shares21's new exchange-traded bitcoin product has begun trading on the NASDAQ Dubai International Financial Exchange under the ticker (ABTC), the company announced Wednesday.
The newly launched cryptocurrency product is actually backed, which means it is fully secured by the underlying bitcoin assets it tracks with a leverage of 1:1, Hani Rashwan, co-founder and CEO of Shares21, told CoinTelegraph.
Rashwan noted that the underlying crypto-assets of the exchange-traded product are deposited in an offline wallet to ensure better security.
Shares21's expansion into the UAE is a milestone in the company's international growth. The exchange-traded products of Shares 21 are listed on 12 exchanges along with Nasdaq Dubai.
According to Rashwan, Germany and Switzerland are currently the largest markets for Shares21 crypto-traded products in Europe.
“With regard to the MENA region, we expect strong interest given the crypto-friendly nature of the region,” Rashwan said, adding that the UAE received more cryptocurrencies than any other Arab country in 2021.
He added that the MENA region has become a hub for cryptocurrency companies and major exchanges such as FTX, Kraken and Blockchain.com, which attracted more investors after India’s decision to tax cryptocurrency profits by 30%, explaining that the level of interest in the Middle East and its suitability for currencies Digital has made it a key market for expansion for Shares21.
