New Bitcoin ETP Brings Crypto Closer to Mainstream Adoption in the Middle East
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– Cryptocurrency-related activity in the Middle East is on the rise as the global integration of blockchain technology and digital assets continues to expand to every jurisdiction on the planet.
– On Wednesday, 21 Shares, a global provider of cryptocurrency exchange-trading products (ETP), debuted the launch of a physically-backed Bitcoin ETP in the United Arab Emirates (UAE).
– The new product is physically backed and fully collateralized by Bitcoin with 1:1 leverage.
– The launch into the UAE market is a milestone for 21 Shares, the firm’s first foray into the Middle East.
– According to 21Shares co-founder and CEO Hany Rashwan, the underlying cryptoassets are stored in an offline wallet to ensure better security.
– Rashwan added that the UAE received more cryptocurrency than any other Arab country in 2021.
– BNY Mellon, the world’s largest custodial bank, announced that it has “successfully facilitated the first-of-its-kind, fully-transparent payment transaction between Egypt and China.”
– The payment was made using the new SWIFT Go service, with BNY Mellon acting as the intermediary in a transaction between QNB Al Ahli Egypt, the remitting bank, and Shanghai Pudong Development Bank, the beneficiary bank.
– According to the release, the total process was completed in less than three hours, which is a significant improvement over the two-plus days that cross-border transactions between Egypt and China previously took to complete.
