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The Nasdaq Dubai stock exchange recently listed the first physically-backed bitcoin ETP. The investment fund is backed by 21Shares and inaugurates the company’s entry into the Middle East crypto market.

21Shares AG is a subsidiary of the Swiss company 21.co. The asset manager has created an exchange-traded product (ETP) fund with 100% exposure in bitcoin.

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Like the 21Shares Bitcoin ETP launched in Europe, the fund created by 21.co is traded under the acronym ABTC. This is the first physically-backed crypto asset ETP launched in the Middle East.

In total, 21Shares is present in seven countries and has 46 funds with crypto assets exposure. Recently, the manager participated in an investment round, securing a US$ 25 million contribution. The company claims to be the largest crypto unicorn in Switzerland, after a US$ 2 billion market valuation.

Meanwhile, the United Arab Emirates is looking to transform itself into a global crypto hub. In addition to working on legislation for the market, the country is attracting large companies such as 21Shares and Binance.

The exchange, considered one of the largest in the world, has an office in the country, and participates in drafting the regulation of the crypto market in the UAE.

According to 21Shares, the ETP launched in the Middle East can protect investors from the high volatility in bitcoin prices by providing physical backing for the fund. In addition, the fund’s structure can reduce the risk of exposure inherent to crypto assets. In addition to the ETP created earlier this month, 21Shares is looking into launching other financial products in the Middle East.