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Tuesday, November 29, 2022
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    HomeBitcoin21Shares Lists First Bitcoin ETP On Nasdaq, But There's A Catch

    21Shares Lists First Bitcoin ETP On Nasdaq, But There’s A Catch

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    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, especially the UAE.

    21Shares Pronounces 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 manner 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 enlargement into the UAE is a serious milestone as a result of large development 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 offer buyers with entry to new and thrilling asset lessons. 21Shares will proceed to assist the Center East’s ambitions to change into a worldwide 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 corporations expanded to the area after the establishment of the Virtual Assets Regulatory Authority (VARA) in March 2022. Main exchanges together with Binance, Coinbase, FTX, eToro, OKX, Kraken, and many others. have established workplaces in UAE cities Dubai and Abu Dhabi.

    The U.S. Nonetheless Seeks Its First Bitcoin ETP

    Whereas 21Shares and different ETP corporations proceed to subject Bitcoin exchange-traded merchandise internationally, U.S. crypto buyers nonetheless search the primary Bitcoin spot ETP. Crypto specialists imagine the SEC accepting a Bitcoin spot ETF will drive large institutional adoption.

    Nonetheless, 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 decision “discriminatory” because it seeks to transform its Bitcoin Belief (GBTC) right into a spot Bitcoin ETF.

    Varinder is a Technical Author and Editor, Expertise Fanatic, and Analytical Thinker. Fascinated by Disruptive Applied sciences, he has shared his data about Blockchain, Cryptocurrencies, Synthetic Intelligence, and the Web of Issues. He has been related to the blockchain and cryptocurrency business for a considerable interval and is at present overlaying all the most recent updates and developments within the crypto business.

    The introduced content material might embody the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty on your private monetary loss.



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