21.co Secures $25 Million Funding, Valued at $2 Billion Amid Crypto Winter
21.co Raises $25 Million in Funding
21.co, the parent company of 21Shares, has successfully raised $25 million in a funding round led by Marshall Wace, a London-based hedge fund. This investment values the company at $2 billion, solidifying its status as a unicorn. The company announced the news on Twitter, expressing excitement about reaching this milestone.
Significant Growth and Expansion Plans
21Shares, known as the world's largest ETP issuer, has demonstrated impressive growth. Between September 2021 and September 2022, the firm reported over $650 million in net new assets, with assets under management peaking at $3 billion in November 2021. The company has also expanded its workforce by 75% over the past year.
With fresh funding, 21.co aims to accelerate its global expansion. The company is focusing on strengthening its presence in core European markets and exploring entry into the Middle Eastern market. This strategic move underscores 21.co's commitment to broadening its reach and influence in the cryptocurrency investment sector.
Leadership and Vision
Founded in 2018 by Ophelia Snyder and Hany Rashwan, 21.co seeks to bridge traditional finance with the crypto world. Rashwan emphasized that the rebranding to 21.co is designed to unify 21Shares with third-party providers like Amun and other crypto projects. This integration aims to enhance the company's offerings and market position.
Snyder highlighted the importance of building during the crypto winter, stating it's the best time to establish a strong foundation. Rashwan echoed this sentiment, noting that the funding reflects investor confidence in crypto's future despite current challenges.
Navigating the Crypto Winter
The funding comes amid a harsh crypto winter, posing significant challenges for the industry. Despite this, 21.co remains committed to innovation and growth, aiming to introduce new products to global markets. The company's resilience and strategic planning are key to navigating this difficult period.
Switzerland's Fintech Ecosystem
Switzerland is renowned for nurturing fintech unicorns, with 21.co being the latest addition. Other notable Swiss-based projects include Curve, Waves, Nexo, and Tezos, showcasing the country's supportive environment for financial innovation.
Conclusion
21.co's $25 million funding round, led by Marshall Wace, marks a significant milestone for the company. With plans for global expansion and a focus on innovation, 21.co is well-positioned to thrive in the evolving cryptocurrency landscape. The company's success story highlights the potential of crypto investments even during challenging times.
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