Last Updated on December 5, 2022 by newseditor
The Middle East is now widely accepted as one of the most promising cryptocurrency regions worldwide. The advent of the 21Shares Bitcoin ETP has provided investors in the region with a new avenue for direct Bitcoin investment. 21Shares, a leading worldwide supplier of ETPs for trading cryptocurrencies, has launched a tangible Bitcoin ETP in the UAE. With its newly created parent organization raising $25 million at a $2 billion value, 21Shares has accelerated its global expansion. Currently, the company has more than 46 assets traded on Twelve marketplaces in seven countries.
Dubai intends to invest heavily in its digital economy. By 2030, the city of Dubai hopes to have supported thousands of virtual employment and attracted over 1,000 blockchain and metaverse enterprises via the implementation of its newly unveiled Dubai Metaverse Strategy. The United Arab Emirates (UAE) represents a valuable new market for 21Shares’ global development. 21.co, the parent company of 21Shares, has raised capital to create new crypto product lines and broaden its global reach following its recent entry into the American market.
A New Crypto Product With Real-World Backing Has Just Been Released
The recently released cryptocurrency product has physical backing. This indicates that the Bitcoin assets being tracked provide complete collateralization at a leverage ratio of 1:1. The underlying cryptocurrency assets for the ETP are stored in an offline wallet for maximum protection. Investors and financial managers across the globe are increasingly looking at cryptocurrencies as promising long-term investments. The Middle East has been a significant driver of the rapid expansion of the cryptocurrency market worldwide.
ETP Is Making Its Way Into The Middle East
A significant turning point in 21Shares’ international development was the company’s entry into the UAE. As of right now, 21Shares’ crypto ETPs have found the most success on the German and Swiss markets, respectively. Due to the physical backing of their ETPs, 21Shares will assist investors in mitigating the effects of market and price fluctuations. 21Shares anticipates high demand from MENA because of the region’s favorable regulatory environment for cryptocurrencies. Company research shows that Bitcoin is now the most popular cryptocurrency due to regional demand.
Blockchain.Com, Kraken, And FTX, Among Others, Have Emerged In MENA
Considering India’s decision to impose a 30% tax on cryptocurrency revenues, the MENA area has emerged as a center for prominent cryptocurrency exchanges like FTX, Kraken, and Blockchain.com, enticing even more investors. 21Shares has seen substantial opportunity in the Middle East due to the region’s high degree of interest in and openness to cryptocurrencies. UAE citizens got more crypto in 2021 than any other Arab nation combined. Besides 21Shares, other companies have also listed cryptocurrency products on Nasdaq Dubai. A Bitcoin exchange traded product (ETP) managed by Canadian firm 3iQ was also listed on the Dubai exchange Nasdaq last year. This commodity, which trades under the symbol QBTC, gives investors indirect exposure to Bitcoin but is not physically backed.