21.co, a Switzerland-based crypto platform, has raised $25 million in a funding round led by Marshall Wace. The valuation of 21.co was set at around $2 billion apparently making 21.c0 Switzerland’s largest crypto unicorn.
Marshall Wace, regulated by the UK FCA, is a hedge fund partly owned by KKR with assets under management of around $55 billion. Other investors in the funding round include Collab+Currency, Quiet Ventures, ETFS Capital, and Valor Equity Partners.
21.co simultaneously announced that it is the new parent company of 21Shares and Amun.
21Shares is a top crypto ETP [exchange traded product] provider and Amun is a token platform that aims to make purchasing crypto more accessible with a suite of tools for passive strategies and portfolio management across DeFi platforms.
21.co noted that this funding round, hammered out during a severe crypto winter, is the firm’s first in more than 2 years. 21.co added that it ended 2021 with a nine-figure revenue run rate and has seen sustained inflows.
Year-to-date, from September 2021 to September 2022, 21.co reports over $650 million in net new assets, hitting peak AUM at $3 billion in November of 2021.
Launched in 2018 in Zug, by Ophelia Snyder and Hany Rashwan, 21.co was founded to build bridges into the crypto world.
Rashwan, CEO of 21.co, says they created the firm with a mission to make crypto as accessible as possible:
“Now, we’re the highest valued and largest tech startup in Switzerland – and we’re still only in the early days. 21.co remains committed to building innovative products that meet investor demand as this asset class continues to gain rapid momentum.”
Snyder, President of 21.co, sees the success in the past four years as “truly amazing.”
“We have built an incredibly diverse team, with some of the brightest minds in crypto and brought on best-in class investors. Our drive to revolutionize the world of crypto and build bridges into the asset class is only just getting started.”
Amit Rajpal, Partner and CEO Asia at Marshall Wace, explained they saw an immediate alignment of values after meeting the 21.c0 team. The company is focused on bringing new and innovative products to investors across markets in a secure and accessible way:
“Even in the midst of crypto winter, MW believes that 21.co has the potential to revolutionize the industry globally and we’re looking forward to working alongside the team.”
Cathie Wood, founder, CEO and CIO of ARK Investment Management LLC, and an independent board member of 21.co, said the funding round was a testament to the company’s early success and the ability to thrive and survive in both a bull and bear market.
“I’m proud to be a part of the 21.co growth story.”
The company highlights significant recent events in the company’s history, including:
- Launched innovative products, like the world’s first USD Yield ETP and the world’s first Bitcoin and Gold ETP on SIX Swiss Exchange
- Released the first crypto ETFs in Australia
- Launched its Crypto Winter Suite, which includes products like the world’s cheapest Bitcoin ETP, 21Shares’ Bitcoin Core ETP, and the S&P Risk Controlled Bitcoin and Ethereum Index ETPs