21.co raises $25 million - Switzerland’s largest crypto unicorn

21.co, a crypto investment product company, said on Tuesday that it had raised $25 million in a funding round, which valued it at $2 billion, making it Switzerland’s biggest crypto unicorn.

The $25 million funding round was led by Marshall Wace, with investments from Collab+Currency, Quiet Ventures, ETFS Capitol, and Valor Equity Partners.

In a statement, 21.co said:

“With this round of financing, 21.co will continue to drive rapid, targeted growth through first-of-their-kind products, key market expansions and strategic talent acquisitions,”

The funding was raised in spite of the bleak economic outlook, with the Fed raising interest rates, which has led to perceived risk-on assets undergoing a lot of sell-pressure, and cryptocurrencies have been pushed down.

It was also announced by 21.co on Tuesday that its largest subsidiary 21Shares “is the world's largest issuer of cryptocurrency exchange-traded products” (ETPs), which uses its proprietary Onyx platform.

According to a Yahoo News article, with information originally taken from Reuters, business growth has been strong.

“The round was the company's first in two years. It said it ended 2021 "on a nine-figure revenue run rate and has seen sustained inflows, even during down markets." It said in the year period since September last year, it recorded $650 million in net new assets, with assets under management peaking in November 2021 at $3 billion.”

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