Switzerland’s Largest Crypto Unicorn Raises $25m In Funding Round

The newly created 21.co, the new parent company of Zug-based 21Shares, has raised $25 million in a funding round led by London-based hedge Marshall Wace, that valued the company at $2 billion, reported Reuters

The company commented on the news Twitter: “Excited to announce we’re now a unicorn.” 21Shares described itself as “the world’s largest ETP issuer” on its website. 

21.co posted more than $650 million in net new assets between September 2021 and September 2022, hitting a peak level of assets under management at $3 billion in November 2021. The firm has increased its overall headcount by 75% over the past year. 

Company Plans to Expand Business Globally 

Having completed this fresh round of funding, 21.co plans to continue its global expansion plans. 21.co is placing particular emphasis on strengthening its position in the firm’s core markets in Europe, and is working to enter Middle Eastern market. 

21.co, a provider of cryptocurrency investment products, was founded in 2018 by Ophelia Snyder and Hany Rashwan. According to Rashwan, “all crypto ETP products launched by 21Shares will maintain the same nomenclature.” He also affirmed that the new name wouldn’t change much about the way 21Shares does business.

Rashwan explained that 21.co is designed to unite 21Shares with third-party token provider Amun and other upcoming crypto projects aiming to build bridges into the crypto world.

In a media interview President and Co-Founder Ophelia Snyder of 21.co  said, ‘Crypto winter is by far the best time to build.” Rashwan added, “These milestones demonstrate the confidence investors hold in the future of crypto, even during crypto winter.”

Recently, Conflux was among five crypto startups named in the ‘Leading 100 Emerging Giants in Asia Pacific’ report’s top 100 startups list, alongside Hyperchain Technology, Stader Labs, Maicoin, and Catheon Gaming.

On the Flipside

  • The funding from London-based hedge Marshall Wace has come to the unicorn company during a harsh crypto winter. Though the company is focused on growth, and committed to bringing new and innovative products to investors across markets, the crypto winter can be a challenging obstacle, especially in 2022.

Why You Should Care

Autside of just 21.Co, Switzerland is well known for nurturing nine fintech unicorns. Such Swiss-based projects include Curve, Waves, Nexo, Tezos, Aave, Numbrs, Wefox, and Avaloq. 

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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Author

Akriti is a Zurich-based reporter, focused on the political, regulatory, and legislative developments around crypto. She is a business journalist with over six years of experience working as a correspondent for organizations like Channel NewsAsia and Bloomberg TV India. In that time, Akriti has covered news in the finance, pharma, and state sectors.