Crypto company 21Shares lists bitcoin ETP on Nasdaq Dubai

Crypto investment products firm announced on Wednesday its subsidiary 21Shares AG has registered a bitcoin exchange-traded product on Nasdaq Dubai, making it the Middle East's first physically-backed bitcoin ETP.

The 21Shares Bitcoin ETP trades, under the ticker ABTC, in the same way as the 21Shares Bitcoin ETP in Europe, stated in an statement.

Swiss-based this month raised $25 million in a funding round that valued it at $2 billion, which it said made it "Switzerland's largest crypto unicorn".

The crypto industry has suffered a crash that has led some of its biggest businesses to lay off thousands of people to minimise costs.

But Sherif El-Haddad, appointed 21Shares president of Middle East in August, was positive, saying cryptocurrencies were "quickly becoming the asset of the future for investors and wealth managers around the world".

The Middle East and North Africa is the world's fastest-growing cryptocurrency area, where the volume of crypto received surged 48% in the year to June, blockchain researcher Chainalysis said in a report last week.

Hany Rashwan, CEO and co-founder of 21Shares, said in the statement the business "will continue to assist the Middle East's ambitions to become a worldwide crypto powerhouse".

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