21.co, the new parent company of exchange-traded product (ETP) provider 21Shares, has become the “largest crypto unicorn in Switzerland,” the company announced on Tuesday.
It raised $25 million in a funding round led by hedge fund Marshall Weiss in London. The new funding raises the company’s value to $2 billion.
21.co is designed to unite 21Shares with third-party token provider Amon and other upcoming crypto projects aimed at building bridges in the crypto world, 21.co founder Hani Rashwan told Cointelegraph.
Rashwan said that all crypto ETP products launched by 21Shares will keep the same designation. He also said that the new name wouldn’t change much in the way 21Shares operates.
According to Rashwan, the newly raised funds will help 21.co to continue expanding its business globally. The CEO noted that the company is particularly focused on gaining more momentum in 21.co’s key markets in Europe and is preparing to enter the Middle East.
Rashwan also noted that 21.co has recorded significant growth metrics this year despite the ongoing crypto winter.
Related Topics: 21Shares responds to the bear market with winter crypto ETP
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 $3 billion in assets under management in November 2021. The company increased its total employee headcount by 75% more Who said Rashwan last year:
“These milestones demonstrate the confidence investors have in the future of cryptocurrencies, even during the crypto winter.”
21Shares offers a total of 39 crypto ETP products in seven countries so far, itself a project that arose during a bear market. Rashwan co-founded 21Shares with Ophelia Snyder during the major bear market in 2018. In the same year, the company launched the first truly backed ETP cryptocurrency, the 21Shares Crypto Basket Index. The ETP was later listed on the SIX Swiss Exchange under the ticker symbol HODL.