Cryptocurrency company lists, AND Bank in America, launches crypto services

Cryptocurrency company lists, AND Bank in America, launches crypto services


Cryptocurrency company lists products traded in bitcoin on Nasdaq Dubai


DUBAI (Reuters) - Crypto investment products firm 21.co said on Wednesday that its subsidiary 21Shares AG has listed a bitcoin-traded product on Nasdaq Dubai, becoming the first bitcoin-backed product in the Middle East.

Dubai aspires to become a global center for digital currencies. It has attracted major players in the field to create a platform such as Binance, which started a recruitment wave in the UAE this year and contributes to shaping the rules of digital assets in the Middle East trade center.

The company said 21shares now have 46 products listed in seven countries after listing in Dubai.

Switzerland-based 21.co raised last month $25 million in an investment round that raised the company's value to $2 billion.

The cryptocurrency market suffered losses that forced some of its largest companies to lay off thousands of employees to cut costs.

But Sherif El-Haddad, who was appointed as 21shares president for the Middle East in August, was optimistic and said cryptocurrencies "are rapidly becoming the assets of the future for investors and wealth managers around the world".

Digital Transactions Research Chain Analytics said in a report last week that the Middle East and North Africa is the fastest-growing region in the world in digital currencies, with the volume of incoming digital currencies jumping 48 percent from the beginning of the year to June.

Hani Rashwan, CEO and co-founder of 21Shares, said in the statement that the company "will continue to support the ambitions of the Middle East region to become a global hub for digital currencies."



BNY Mellon, the oldest bank in America, launches cryptocurrency services


BNY Mellon has launched a digital custody platform to protect Ethereum (ETH) holdings.

ETH tickers down $1,296

and Bitcoin (BTC) on October 11, making America's oldest bank the first major bank in the country to offer custody of digital assets and traditional investments on the same platform.

According to a statement, the bank will store private keys to access the funds and provide the same bookkeeping services offered by other asset management firms, such as stocks and bonds.

“With digital asset custody, we continue the journey of trust and innovation in cutting-edge digital assets, while embracing leading-edge technology and collaborating with fintech companies,” said Roman Riglan, CEO of digital and securities services at BNY Mellon.

BNY Mellon is 238 years old and has more than $43.0 trillion in assets under custody or management worldwide, and in 2021, he founded the Enterprise Digital Asset Unit to develop digital asset solutions and a platform to link custodial and traditional assets. The bank obtained approval to hold cryptocurrencies earlier this fall from the New York Financial Authority.

A recent survey from the bank also revealed that 91% of institutional investors are interested in investing in tokenized products, and 41% of them hold cryptocurrencies in their portfolios.

In March, the bank was chosen by Circle as the custodian of USD Coin reserves. BYN previously announced its partnership with blockchain data platform Chainalysis to help traditional financial institutions track and analyze cryptocurrency products, allowing large companies to manage crypto-related legal risks.



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