21.co, the new parent company of ETP provider 21Shares, has become “Switzerland’s largest crypto unicorn,” the company announced on Tuesday.
It raised $25 million in a funding round led by London-based hedge fund Marshall Wace. The new financing raises the company’s valuation to $2 billion.
21.co is designed to unite 21Shares with third-party token provider Amun and other cryptocurrency projects that aim to build bridges in the crypto world, 21.co founder Hany Rashwan told Cointelegraph.
All crypto-ETP products launched by 21Shares will keep the same nomenclature, Rashwan said. He also said the new name won’t change the way 21Shares does business much.
According to Rashwan, the new funds raised will help 21.co continue to expand its business globally. The company is specifically focused on gaining more traction in 21.co’s core markets in Europe and is preparing to begin its entry into the Middle East.noted the CEO.
Rashwan also noted that 21.co has seen significant growth this year despite the current crypto winter.
According to the CEO, 21.co recorded more than $650 million in new net assets between September 2021 and September 2022, reaching a peak level of assets under management of $3 billion in November 2021. The company has increased its global headcount by 75% over the past year, Rashwan said, adding:
“These milestones demonstrate the confidence investors have in the future of cryptocurrencies, even during the crypto winter.”
Offering a total of 39 crypto-ETP products in seven countries so far, 21Shares is itself a company that was born during a bear market. Rashwan co-founded 21Shares with Ophelia Snyder during a major cryptocurrency bear market in 2018.. That same year, the company launched its first physically backed cryptocurrency ETP, the 21Shares Crypto Basket Index ETP. The ETP was subsequently listed on the SIX Swiss Exchange under the symbol HODL.
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