21.co, the brand new parent firm of exchange-traded products (ETP) provider 21Shares, is becoming “Switzerland’s largest crypto unicorn,“ the firm announced on Tuesday.
It elevated $25 million inside a funding round brought by London-based hedge fund Marshall Wace. The brand new funding brings the firm’s valuation to $2 billion.
21.co is made to unite 21Shares with third-party token provider Amun along with other approaching crypto projects planning to build bridges in to the crypto world, 21.co founder Hany Rashwan told Cointelegraph.
All crypto ETP products launched by 21Shares will keep exactly the same nomenclature, Rashwan stated. Also, he stated the new name won’t change much concerning the way 21Shares does business.
Based on Rashwan, the recently elevated funds can help 21.co to carry on expanding its business globally. The firm is particularly centered on gaining more traction in 21.co’s core markets in Europe and it is preparing its entry in to the Middle East, the Chief executive officer noted.
Rashwan also noticed that 21.co recorded significant growth metrics this season regardless of the ongoing cryptocurrency winter.
Related: 21Shares reacts to bear market with crypto winter ETP
Based on the Chief executive officer, 21.co published greater than $650 million in internet new assets between September 2021 and September 2022, hitting an optimum degree of assets under management at $3 billion in November 2021. The firm has elevated its overall headcount by 75% in the last year, Rashwan stated, adding:
“These milestones demonstrate the arrogance investors hold later on of crypto, even during crypto winter.”
Offering as many as 39 crypto ETP products in seven countries to date, 21Shares is itself a venture which was born throughout a bear market. Rashwan co-founded 21Shares with Ophelia Snyder throughout a major bear crypto market in 2018. Exactly the same year, the organization launched its first physically-backed crypto ETP, 21Shares Crypto Basket Index ETP. The ETP was subsequently on the SIX Swiss Exchange underneath the ticker symbol HODL.
