Crypto Investment-Product Firm 21Shares' Parent Raises $25M, Pushing Valuation to $2B

raised $25 million in a funding round that gave it a valuation of $2 billion and the cash to develop more crypto product offerings and expand its geographic presence after a recent foray into the U.S.

The Zurich, Switzerland-based firm is the newly formed parent company of 21Shares, one of the largest crypto exchange-traded product issuers.also owns Onyx, a proprietary technology platform used to issue and operate ETPs. 21Shares is affiliated with token provider Amun. The round, led by alternative investment firm Marshall Wace, comes as the crypto market faces what some observers are calling a crypto winter. The total cryptocurrency market cap has slumped to less than $1 trillion from about $3 trillion in November and bitcoin , the largest cryptocurrency, has dropped 59% this year. Firms grappling with lower cryptocurrency prices have been forced to cut costs, with casualties including investment fund Three Arrows Capital and lender Celsius Network.

Despite that environment, profitability, revenue generation and growth in assets under management all allowed for the latest fundraising, 21Shares’ co-founders Hany Rashwan and Ophelia Snyder told CoinDesk. The firm wants to expand outside of Europe and Australia into the Middle East. It reached a peak AUM of $3 billion in November 2021, before crypto's retreat.Other investors in the round include Collab+Currency, Quiet Ventures, ETFS Capital and Valor Equity Partners.

In May, 21Shares launched two crypto ETPs in the U.S. to capitalize on global demand. 21Shares has alsoRead more:

21Shares mikeybellusci No risk no fun 😅👌

21Shares mikeybellusci 🚀 Thnks a millon

Россия Последние новости, Россия Последние новости

Similar News:Вы также можете прочитать подобные новости, которые мы собрали из других источников новостей

21Shares parent company raises $25 million at $2 billion valuation21.co, the parent company of 21Shares, has raised $25 million at $2 billion valuation, making it 'Switzerland's largest crypto unicorn.' 👀 Why is everybodyy silent about this
Источник: TheBlock__ - 🏆 464. / 53 Прочитайте больше »

Asia's Video Game Giants Continue Acquisition Hunt to Expand Into New Formats and MarketsAsia’s biggest gaming firms — Sony, NetEase and Tencent — are continuing their acquisition and investment sprees as they look to push into new formats.
Источник: NBCDFW - 🏆 288. / 63 Прочитайте больше »

Former ARK Invest Analyst Reveals Biggest Mistake To Make During Bear MarketICYMI: Chris Burniske explains the biggest mistake to make during bear market BTC $BTC Bitcoin Aint you surprised that nobody is talking about this
Источник: Utoday_en - 🏆 295. / 63 Прочитайте больше »

Crypto investment app Bitpanda adds commodities tradingCrypto investment platform Bitpanda has launched the ability for users to trade commodities such as oil, natural gas, aluminum and wheat.
Источник: TheBlock__ - 🏆 464. / 53 Прочитайте больше »