21.co, a Zurich-based parent company of the crypto investment firm 21Shares, recently completed a $25M funding round. Marshall Wace led the round; other investors included Collab+Currency, Quiet Ventures, ETFS Capital and Valor Equity Partners. With this funding, 21.co’s value is estimated at up to $2B.
21.co will use the funds to grow at a fast pace through unique products, exploring new markets and attracting key employees.
The company announced its new parent company, 21.co. 21 is short for 21coins, and the company’s largest subsidiary is named 21Shares. 21 Shares is the world’s biggest provider of cryptocurrency exchange traded products, or ETPS. Their platform Onyx allows them to issue and operate crypto ETPs for both the company and third parties.
Bridging crypto world
The startup was founded in 2018 by Hany Rashwan and Ophelia Snyder. The company was created to connect people to the crypto world.
The company offers investors more advanced crypto solutions, including a decentralized platform for creating and managing exchange-traded products globally. They also provide ETPs on crypto exchanges, which are the widest range of token solutions.
During down markets, the company still experiences steady growth. They claim to have added over $650 million in net new assets between September 2021 and September 2022. Additionally, their Assets Under Management reached a peak of $3 billion in November 2021. By the end of 2021, the company reportedly had a run rate revenue of over nine figures.
They increased their headcount by 75% to accommodate their growing business during this time.
Hany Rashwan, CEO and co-founder of 21.co, stated that his company had a simple mission: to make crypto more accessible. As the highest valued and biggest tech startup in Switzerland, 21.co is still in its early days. The company plans to create innovative products that will satisfy investor demand as more investors enter the crypto market.
According to co-founder and president Ophelia Snyder, the company has achieved incredible success in a short period of time. She stated that the company has brought on some of the best minds in crypto along with top-notch investors. However, Snyder stated that their drive to revolutionize the crypto world is just beginning.
Marshall Wace says that they immediately saw a cultural alignment with the 21.co team when they met. Their mutual culture is based on innovation, which is why they think 21.co will revolutionize the crypto industry on a global scale. Although the cryptocurrency market is going through a winter phase, Marshall Wace still believes that 21.co will bring new and innovative products to investors around the world in a safe and easily accessible way. This is because 21.co is focused on growth and advancing new products, stated Amit Rajpal— who’s also the CEO of Marshall Wace in Asia— in a statement.
