Swiss Crypto Unicorn 21.co Sees Valuation Hit $2B After Latest Funding Round

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Swiss funding agency 21.co has raised £25 million in its latest funding spherical, valuing the corporate at $2 billion.

21.co is the mum or dad firm of 21Shares, arguably finest recognized for its failed makes an attempt to convey a Bitcoin spot ETF to the U.S. The firm is extremely profitable when the Securities and Exchange Commission (SEC) is just not curbing its ambitions; the agency acquired over $650 million in new property over the previous yr.

In May 2021 Cathie Wood, of Ark Investments, joined the board of Amun, the earlier identify for the mum or dad firm of 21Shares.

Swiss money pot

With one other £25 million of working capital to play with, 21.co can now stay up for constructing for the longer term and driving development. The firm is now “largest crypto unicorn” in Switzerland, and has the warfare chest to match.

“With this spherical of financing, 21.co will proceed to drive fast, focused development by means of first-of-their-kind merchandise, key market expansions and strategic expertise acquisitions,” stated the corporate in an announcement reported by Reuters.

21.co has made important funding in expertise since Sept of final yr, with the corporate headcount rising by 75%. Major additions to the agency embrace Sherif El-Haddad, who leads the Middle East group from out of Dubai. With further capital to play with the agency can now redouble its recruitment drive.

Collab+Currency, Quiet Ventures, ETFS Capital and Valor Equity Partners have been among the many traders who participated within the latest increase led by Marshall Wace.

21Shares ended 2021 with “nine-figure income run fee” that made the corporate extraordinarily engaging to inward funding. Assets underneath administration peaked in Nov 2021 at simply over $3 billion.

Troubling instances with SEC

21Shares has loved a extremely profitable 12-month interval, but it surely hasn’t all been clear crusing for the agency. In Feb, the U.S. Securities and Exchange Commission (SEC) rejected its proposal for a Bitcoin spot ETF which it made in collaboration with Cathie Wood’s Ark Investments.

The SEC cited an absence of enough investor safety as the explanation for its rejection.

The 21Shares/Ark Investment ETF finds itself in good firm. The SEC has additionally rejected BTC spot ETFs for WisdomTree, One River Asset Management, VanEck, NYDIG, and Fidelity.

Hestor Pierce, former counsel to the SEC Commissioner Hester Pierce, summed up the scenario succinctly in an episode of the Unchained Podcast in May when he stated, “It’s a supply of nice frustration for folk within the trade and for me personally.”

In March, Grayscale CEO Michael Sonnenshein went additional, suggesting he could but convey a lawsuit in opposition to the SEC ought to ETF rejections proceed.

Swiss crypto hub

21.co is now on the vanguard of the Swiss cryptocurrency trade, which itself is without doubt one of the main world hubs for the sector.

In Feb 2021 the nation handed a blockchain regulation with the purpose of offering a transparent regulatory framework for the trade. It is estimated there are round 960 crypto start-ups within the nation, with virtually half of these positioned within the picturesque city of Zug – dubbed “Crypto Valley.”

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