21.co, the brand new mum or dad agency of exchange-traded merchandise (ETP) supplier 21Shares, has turn into “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 initiatives aiming to construct bridges into the crypto world, 21.co founder Hany Rashwan informed Cointelegraph.
All crypto ETP merchandise launched by 21Shares will preserve the identical nomenclature, Rashwan stated. He additionally stated that the brand new identify received’t change a lot about the best way 21Shares does enterprise.
In response to 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 making ready its entry into the Center East, the CEO famous.
Rashwan additionally identified that 21.co recorded vital development metrics this yr regardless of the continued cryptocurrency winter.
Associated: 21Shares responds to bear market with crypto winter ETP
In response to the CEO, 21.co posted greater than $650 million in internet new belongings between September 2021 and September 2022, hitting a peak stage of belongings beneath administration at $3 billion in November 2021. The agency has elevated its total headcount by 75% over the previous yr, Rashwan stated, including:
“These milestones display the arrogance buyers maintain in the way forward for crypto, even throughout crypto winter.”
Providing a complete of 39 crypto ETP merchandise in seven international locations thus far, 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 Alternate beneath the ticker image HODL.