Crypto investment product firm 21.co raises $25M to reach $2B valuation

Crypto investment product firm 21.co raises $25M to reach $2B valuation

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Based throughout the main market stoop of 2018, 21Shares holds its imaginative and prescient that strong crypto merchandise solely develop stronger throughout crypto winters.
21.co, the brand new mother or father agency of exchange-traded merchandise (ETP) supplier 21Shares, has grow to be “Switzerland’s largest crypto unicorn,“ the agency introduced on Tuesday.
It raised $25 million in a funding spherical led by London-based hedge fund Marshall Wace. The brand new funding brings the agency’s valuation to $2 billion.
21.co is designed to unite 21Shares with third-party token supplier Amun and different upcoming crypto tasks aiming to construct bridges into the crypto world, 21.co founder Hany Rashwan instructed Cointelegraph.
All crypto ETP merchandise launched by 21Shares will keep the identical nomenclature, Rashwan mentioned. He additionally mentioned that the brand new identify gained’t change a lot about the best way 21Shares does enterprise.
Based on Rashwan, the newly raised funds will assist 21.co to proceed increasing its enterprise globally. The agency is particularly centered on gaining extra traction in 21.co’s core markets in Europe and is getting ready its entry into the Center East, the CEO famous.
Rashwan additionally identified that 21.co recorded important development metrics this yr regardless of the continued cryptocurrency winter.
Associated: 21Shares responds to bear market with crypto winter ETP
Based on the CEO, 21.co posted greater than $650 million in web new property between September 2021 and September 2022, hitting a peak degree of property beneath administration at $3 billion in November 2021. The agency has elevated its general headcount by 75% over the previous yr, Rashwan mentioned, including:
Providing a complete of 39 crypto ETP merchandise in seven international locations to this point, 21Shares is itself a enterprise that was born throughout a bear market. Rashwan co-founded 21Shares with Ophelia Snyder throughout a significant bear crypto market in 2018. The identical yr, the corporate launched its first physically-backed crypto ETP, 21Shares Crypto Basket Index ETP. The ETP was subsequently listed on the SIX Swiss Trade beneath the ticker image HODL.

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