21Share’s parent company becomes Switzerland’s crypto giant valued at $2 billion
The popularity of the crypto sector is climbing higher daily. More companies are diving into the industry, given its high potential to earn more than most conventional assets. These emerging firms are particularly impacting the system by offering unique crypto-related products and services.
To succeed in most of their projects, some of these crypto service firms engage in fundraising. These processes have become one of the well-known activities happening in the crypto industry.
Such rounds usually help them generate most of the necessary funds to facilitate their ongoing or future projects. Other top images in the crypto space usually facilitate and support these rounds for up-and-coming firms.
In a new development, 21.co, the parent company of 21Shares, disclosed its recently closed fundraising round. According to the crypto ETF issuer, Marshall Wace pioneered the round, which ultimately generated around $25 million.
This recent fundraising round marks the first of its kind for 21.co in the last two years. Besides Marshall Wace as the lead company, other firms participated in the fundraiser. These include Quiet Ventures, Valor Equity Partners, Collab+Currency and ETFS Capital.
21.co gained increased valuation through fundraising
With the realized fund from the round, 21.co got a peak in its valuation, which is currently at $2 billion. The firm claimed that it climbed a better positive ladder that will facilitate an increase in performance. Also through the fundraising round and the increase in valuation, 21.co now stands as the largest cryptocurrency unicorn in Switzerland.
The subsidiary has made supporting moves for the activities of the parent company. 21Shares added various tasks that would help 21.co in its expansion goals in the Middle East and some European nations.
Also, 21Shares moved into the US market in May by launching two different private funds. These funds are intended to bring exposure to crypto assets to accredited investors.
The firm focuses on expanding the crypto market
Through its announcement, 21.co revealed its new focus based on the increased valuation. It reported that operations while focusing on their products will drive rapid and improved growth. It also promised to include the acquisition of strategic talent and key market expansions.
In addition, the ETF issuer has developed several plans to introduce institutional and private investors to the asset class. The company has decided to take compliance with regulations as its watchword. Therefore, it will also follow regulatory standards within its operating region.
Remember that at the end of 2021, 21.co’s revenue record was at the billion level. Also, the performance during the crypto winter was not too bad. The firm was able to hold its anchor through the storm and still recorded sustainable inflows into operations.
Featured image from BBC, chart from TradingView.com
