Crypto investment products firm 21.co, the parent of 21Shares, said on Tuesday that it had raised $25 million in a funding round led by Marshall Weiss that valued the company at $2 billion.
“With this round of funding, 21.co will continue to drive rapid, targeted growth through first-of-its-kind products, major market expansion, and strategic talent acquisition,” 21.co said in a statement.
The company said that the post-money valuation makes 21.co “the largest crypto unicorn in Switzerland”.
The funding round comes as cryptocurrencies have fallen dramatically so far this year as Federal Reserve rate hikes and ultra-high inflation prompt investors to abandon riskier assets.
Collab+Curency, Quiet Ventures, ETFS Capital and Valor Equity Partners also invested in the funding round.
The company on Tuesday launched newly formed parent 21.co. announced. Its largest subsidiary, 21Shares, is the world’s largest issuer of cryptocurrency exchange-traded products (ETPs), which uses its proprietary platform Onyx, which is used to issue and operate crypto ETPs for the company and third parties. is done for.
This was the company’s first round in two years. It said it ended 2021 “at a nine-figure revenue run rate and saw continued inflows even during down markets.” It said that in the period from September last year, it recorded $650 million in net new assets, with assets under management peaking at $3 billion in November 2021.
“To support this rapid business growth, 21.co increased its headcount by 75% during this period,” it said.
Last month, 21Shares said it had hired Sheriff Al-Haddad as its head of the Middle East, based in Dubai, as part of plans to expand into the region.
The United Arab Emirates has emerged as a crypto hub as many of the world’s largest crypto firms have established commerce hubs in Dubai, developing regulations for the industry. Abu Dhabi, the capital of the UAE, already has a regulatory framework in place for the industry.
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