Nasdaq Dubai gets its first ‘physically-backed’ Bitcoin ETP listing, from 21Shares AG

Nasdaq Dubai gets its first ‘physically-backed’ Bitcoin ETP listing, from 21Shares AG

Dubai: A Bitcoin trading platform has listed on Nasdaq Dubai, with 21Shares AG making its Middle East debut. The company is part 21.co, said to be the 'world’s largest issuer of cryptocurrency exchange traded products (ETPs)'. On Nasdaq Dubai, 21Shares is listing the 'first physically-backed Bitcoin ETP in the Middle East' through 21Shares Bitcoin ETP (Ticker: ABTC). "Our products are 'physically-backed', meaning they are fully collateralized by the underlying the Bitcoin assets they track with 1:1 leverage," said Hany Rashwan, CEO and co-founder of 21Shares. " This means 'greater transparency and more stability for investors. The underlying crypto assets are deposited in an offline wallet - also called 'cold storage' - providing added security.' The physical backing part of it is significant, and would go a long way to reassure potential investors using the 21Shares Bitcoin ETP. In the recent past, cryptocurrencies' decline meant that several exchange portals found themselves stuck for liquidity and stopped the trades. Rashwan says that 'being a physically backed ETP - collateralised by underlying Bitcoin assets they track - means 21Shares' ETPs can help investors mitigate against market and price volatility'. "There is risk mitigation inherent within the ETP structure which 21Shares is listing," he