\n<\/p>\n
Cryptocurrency investment product firm 21.co, the parent of 21Shares, said on Tuesday it had raised $25 million in a funding round led by Marshall Wace that valued the company at two billion dollars. \u201cWith this round of financing, 21.co will continue to drive rapid, targeted growth through first-of-their-kind products, key market expansions and strategic talent acquisitions,\u201d 21.co said in a statement.<\/p>\n
The post-money valuation makes 21.co \u201cSwitzerland\u2019s largest crypto unicorn,\u201d the company said.<\/p>\n
The funding round comes as cryptocurrencies have fallen dramatically so far this year on Federal Reserve rate hikes and ultra-high inflation prompt investors to ditch riskier assets. Collab+Currency, Quiet Ventures, ETFS Capital and Valor Equity Partners also invested in the funding round.<\/p>\n
The company announced on Tuesday the newly-formed parent 21.co. Its largest subsidiary, 21Shares, is the world\u2019s largest issuer of cryptocurrency exchange-traded products (ETPs) using its proprietary platform Onyx, which is used to issue and operate crypto ETPs for the company and third parties, it said.<\/p>\n
The round was the company\u2019s first in two years. It said it ended 2021 \u201con a nine-figure revenue run rate and has seen sustained inflows, even during down markets.\u201d It said in the year period since September last year, it recorded $650 million in net new assets, with assets under management peaking in November 2021 at $3 billion.<\/p>\n
\u201cTo support this rapid business growth, 21.co grew its headcount 75% during this period,\u201d it said.<\/p>\n
Last month, 21Shares said it hired Sherif El-Haddad as its head of Middle East, based in Dubai, as part of plans to expand in the region.<\/p>\n
The United Arab Emirates has emerged as a crypto hub as several of the world\u2019s big crypto firms set up in commerce hub Dubai, which is developing regulations for the industry. UAE capital Abu Dhabi already has a regulatory framework for the industry.<\/p>\n
(With insights from Reuters)<\/strong><\/p>\n Also Read: Cryptoverse: Bitcoin\u2019s no longer the king of the swingers<\/a><\/p>\n Follow us on\u00a0Twitter<\/a>,\u00a0Facebook<\/a>,\u00a0LinkedIn<\/a><\/strong><\/p>\n<\/div>\n !function(f,b,e,v,n,t,s)
\n {if(f.fbq)return;n=f.fbq=function(){n.callMethod?
\n n.callMethod.apply(n,arguments):n.queue.push(arguments)};
\n if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version=’2.0′;
\n n.queue=[];t=b.createElement(e);t.async=!0;
\n t.src=v;s=b.getElementsByTagName(e)[0];
\n s.parentNode.insertBefore(t,s)}(window, document,’script’,
\n ‘https:\/\/connect.facebook.net\/en_US\/fbevents.js’);
\n fbq(‘init’, ‘444470064056909’);
\n fbq(‘track’, ‘PageView’);<\/p>\n