Crypto investment firm 21.co has received investment as part of a new funding round led by hedge fund Marshall Wace.
The latest funding round resulted in $25m that put the total valuation of the company at $2bn.
In a statement, 21.com said that the fresh money will help the company drive rapid targeted growth and continue to deliver on a “first-of-their-kinds products”.
It will also turn 21.com into “Switzerland’s largest crypto unicorn”. But the valuation comes in an interesting context. Investors seem ever more inclined to return to traditional assets, as riskier ones, such as cryptocurrencies, are once again eyed with wariness.
However, 21.co remains the world’s largest issuer of cryptocurrency exchange-traded products (ETPs), which uses the Onyx platform, a proprietary technology.
The latest funding is also the first after a two-year pause in funding rounds. 21.co is doing well, though as it’s generally one of the most trusted entities in the sector.
In November 2021, it reported that it operated assets under management worth $3bn. While other companies had to resort to layoffs and admitted that they had prioritized acquisitions over sustainability, 21.co has been able to consistently increase and expand its workforce by 75% in the past few months.
21Shares, the parent company of 21.co, is also seeing new opportunities in the Middle East as the United Arab Emirates wants to win a global fame for being a technological and blockchain-driven hub.