Crypto Investment Products Firm 21.co Raises $25M to Hit $2B Valuation

Founded during the major market meltdown of 2018, 21Shares maintains its vision that strong crypto products only get stronger through the winters cryptographic.

21.co, the new parent company of exchange-traded product (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 funding brings the company's valuation to $2 billion.

21.co is designed to unite 21Shares with third-party token provider Amun and other upcoming crypto projects aimed at building bridges in the crypto world, says 21.co founder Hany Rashwan , to Cointelegraph.

All crypto ETP products launched by 21Shares will retain the same nomenclature, Rashwan said. He also said the new name wouldn't change much of the way 21Shares does business.

According to Rashwan, the newly raised funds will help 21.co continue to expand its business globally. The company is specifically focused on capturing 21.co's core markets in Europe and preparing to enter the Middle East, the CEO noted.

Rashwan also pointed out that 21.co has seen significant growth metrics this year despite the current cryptocurrency winter.

Related: 21Shares Responds to Bear Market with Crypto Winter ETP

According to the CEO, 21.co released more than $650 million in net new assets between September 2021 and September 2022, reaching an all-time high in assets under management of $3 billion in November 2021. The company increased its overall workforce by 75% over the past year, Rashwan said, adding:

“These milestones demonstrate investor confidence in the future of crypto, even during crypto winter.”

Offering a total of 39 crypto ETP products in seven countries to date, 21Shares is itself a company born during a bear market. Rashwan co-founded 21Shares with Ophelia Snyder during a major crypto bear market in 2018. The same year, the company