Crypto investment firm 21Shares’ parent company called 21.co managed to raise a sum of $25 million in a recent funding round. Marshall Wace, a hedge fund based in London, led the round.
Funding news
Some of the other companies that participated in the funding round include Valor Equity Partners, ETFS Capital, Quiet Ventures, and Collab+Currency.
After the latest funding round, the valuation of the company has reached $2 billion and according to 21.co, this makes it the largest crypto unicorn in Switzerland.
The announcement of the funding news was made by 21Shares, along with the formation of its parent firm, 21.co. The company will also be the parent company of Amun, the token provider.
Hany Rashwan and Ophelia Synder launched 21.co back in 2018, which is based in Zurich. In November 2021, the total assets under the management of the company were around $3 billion.
This was when Bitcoin was trading at its all-time high value of $69,000. A press release disclosed that the company’s revenue run rate had also been at nine figures at the end of 2021.
It also disclosed that even when the market was down, it was able to sustain inflows. Since September 2021, its net new assets had grown by $650 million and its headcount had risen 75% during this time.
New products
The chief executive of 21.co, Hany Rashwan said that they would introduce first-of-a-kind products for driving targeted and rapid growth and would also focus on acquiring strategic talent and key market expansions.
He said that they would build new products, such as expand operations into new markets like the Middle East and expand the offerings of the Crypto Winter Suite.
21Shares launched the Crypto Winter Suite in June this year, which is a set of products aimed at helping investors in dealing with the bear market.
Rashwan stated that they would continue launching products that are in accordance with current market conditions.
The CEO said that their goal would be the first in the market to introduce additional innovative and new products.
As far as the company’s move into new markets is concerned, the chief executive disclosed that they had hired a number of new executives who have more than 4 decades of experience in the financial space.
He said that their goal was to garner more traction in the European markets.
Cathie Wood joins the board
The CEO and founder of Ark Invest, Cathie Wood has also joined 21.co as a board member. Wood had previously made personal investments in 21Shares and she had also joined Amun’s board in 2021.
Rashwan said that she had been a friend and board member of the firm since it was founded in 2018. He said that she was an important part of the company’s board.
He also added that she, along with other board members, two-thirds of whom are women, are a reflection of the company’s diversity, which is an essential element of its values.
Previously, 21Shares and Ark Invest had partnered for launching a spot Bitcoin ETF in the United States.