Swiss crypto firm 21.co raises $25 million in funding

21Shares’ parent company, 21.co, has completed a round of funding that raised $25 million to expand its business in the Middle East and attract new talent.

Now 21.co is valued at $2 billion, making it one of the largest cryptocurrency startups in Switzerland. The funding round was led by London-based hedge fund Marshall Wace. Also among the investors are such large companies as Quiet Ventures, Collab+Currency and Valor Equity Partners.

21.co was founded in Zurich in 2018 by Hany Rashwan and Ophelia Snyder. As of November 2021, when Bitcoin (BTC) was worth $69,000, the company had over $3 billion in assets under management. 21.co also ended last fiscal year with a nine-figure amount under management. The company said it is seeing a steady influx of capital into the cryptocurrency industry despite the market downturn.

According to Rashwan, the company will not stop launching new products that are suitable for the current market conditions. One of them is Crypto Winter Suite. It is a set of tools that can help investors survive a recession in the cryptocurrency market. In addition, 21.co has hired several new executives with significant financial experience who will help the company “gain more visibility in European markets.”

“Thanks to this round of funding, we will be able to continue our strategy to grow the company and promote our products. We will also expand our presence in key markets and try to attract more talent to the company. Our strategy also includes the creation of new products, the expansion of the Crypto Winter Suite offerings and the expansion into the markets of the Middle East,” the statement said.

As a reminder, 21Shares previously launched two new exchange-traded products (ETPs) pegged to bitcoin and ether with controlled S&P risk.