A year since listing the region’s first digital asset exchange traded product (ETP) on the Nasdaq Dubai, 21Shares secures Shariah approval for its market leading ETPs.
ZURICH/RIYADH, October 19 2023: 21Shares, the world’s largest issuer of digital asset ETPs, continues its international expansion with Shariah approval of its 21Shares Bitcoin ETP (ABTC) and21Shares BOLD ETP (BOLD) from leading Saudi scholars.
Having launched the world’s first crypto backed ETP in 2018, the company continues to lead the market with the expansion of its products and a catalogue of listings on major global exchanges.
Amidst sustained interest from Saudi investors, the recent Shariah compliance of the BOLD ETP is significant in that the product is at the forefront to become Saudi Arabia’s first hybrid product. Rebalanced monthly, BOLD has a 25:75 Bitcoin to gold ratio, offering investors exposure to the traditional value of gold with the promising return rates of Bitcoin.
In the context of inflationary pressures, and heightened geopolitical risk, the products represent important risk and return diversifiers within both private and institutional portfolios.
As regional financial centres compete to provide the latest financial services products, 21Shares’ announcement is an important step in the company’s Saudi market entry. Under Vision 2030 Saudi Arabia is working to transform its financial services industry highlighted by increased digitalisation across the economy and the widespread adoption of Blockchain.
Ahead of the upcoming Future Investment Initiative, co-founder and CEO Hany Rashwan commented "Saudi Arabia presents exciting new market expansion opportunities for us. This milestone reflects our unwavering commitment to operating within the highest regulatory standards and providing a secure and transparent platform for our clients. Our tailored crypto investment solutions will resonate with Saudi investors. We look forward to partnering with local financial institutions, fostering trust, and contributing to the Kingdom's thriving fintech ecosystem."
About 21.co
21.co is the world's leader in providing access to crypto through TradFi and DeFi. 21.co offers cryptocurrency exchange traded products (ETPs) via its 21Shares affiliate, as well as blockchain infrastructure technology. 21.co's products are built on its proprietary operating system, Onyx, which is also distributed to third parties. The company was founded in 2018 by Hany Rashwan and Ophelia Snyder. For more information, please visit www.21.co.
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