The popularity of crypto sector is climbing higher daily. More companies are diving into the industry, given its high potential for making more profits than most conventional assets. These emerging firms notably impact the system by providing unique crypto-related products and services.
For the success of most of their projects, some of these crypto service firms engage in fundraising. These processes have become one of the famous activities that occur in the crypto industry.
Such rounds usually help them generate most of the required funds to facilitate their ongoing or future projects. Other top shots in the crypto space usually facilitate and support these rounds for upcoming firms.
In a new development, 21.co, the parent company of 21Shares, disclosed its recently concluded fundraising round. According to the crypto ETF issuer, Marshall Wace pioneered the round, which generated about $25 million in the end.
This recent fundraising round marks the first of its kind for 21.co in the past two years. Besides Marshall Wace as the leading company, other firms participated in the fundraising. These include Quiet Ventures, Valor Equity Partners, Collab+Currency, and ETFS Capital.
21.co Got Increased Valuation Through Fundraising
With the realized fund from the round, 21.co got a spike in its valuation, which is currently at $2 billion. The firm maintained that it climbed a better positive ladder that will facilitate an increase in its performance. Also, through the fundraising round and rise in valuation, 21.co now stands as the largest cryptocurrency unicorn in Switzerland.
The subsidiary firm has been creating supportive moves for the activities of its parent operations. 21Shares added different tasks that would assist 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. Those funds are meant to bring crypto-asset exposure to accredited investors.
The Firm Focuses Towards Crypto Market Expansion
Through its announcement, 21.co disclosed its new focus based on the increased valuation. It reported that operations while focusing on its products would drive rapid and enhanced growth. Also, it promised to include the acquisition of strategic talents and key market expansions.
Additionally, the ETF issuer has drawn more plans to introduce institutional and retail investors to the asset class. The firm has decided that take regulatory compliance as its watchword. Hence, it will also follow the regulatory standards within its region of operation.
Recall that by the end of 2021, 21.co’s revenue record was at the level of billions. Also, its performance during the crypto winter was not too bad. The firm could hold on to its anchor through the storm and still recorded sustainable inflows in operations.
Featured image from BBC, chart from TradingView.com
Source: https://www.newsbtc.com/crypto/21shares-parent-firm-becomes-switzerlands-crypto-giant-as-gets-valued-at-2b/