In 2018 Ophelia Snyder and Hany Rashwan launched their company to provide access to crypto through simple and easy-to-use products. Now they created 21.co as a parent company to unite their current and future ventures under a common roof. The holding company is composed of 21Shares, the world’s largest issuer of cryptocurrency exchange traded products (ETPs). The ETPs are powered by Onyx, a proprietary technology platform used to issue and operate cryptocurrency ETPs for 21Shares and third parties. The second company under 21.co is Amun, a token provider focused on making the DeFi world more accessible.
Despite the crypto winter, 21.co has convinced investors thanks to its positive performance. The company closed 2021 on a nine-figure revenue run rate and has seen sustained inflows, even during down markets. Year-to-date (September 2021 to September 2022), 21.co recorded over $650 million in net new assets and hit its peak AUM at $3 billion in November of 2021. To support this rapid business growth, 21.co grew its headcount 75% during this period.
21Shares is registered in Zug, and headquartered in Zurich. The parent holding company, Amun Holdings Limited based in the Caymans is being renamed to 21co Holdings Limited in the near future. "While our parent holding company is based in the Caymans, the funds are dispersed to the different brands / regions where we operate", explains a spokesperson to Startupticker.ch. Hany Rashwan, CEO of 21.co, 21Shares and Amun is also based in Zurich along with half of the 135 employees of the group.
With the new financing, 21.co will continue to drive rapid, targeted growth through first-of-their-kind products, key market expansions and strategic talent acquisitions. Besides Marshall Wace, other investors in the round include Collab+Currency, Quiet Ventures, ETFS Capital and Valor Equity Partners.
“My co-founder, Ophelia, and I set out with a simple mission to make crypto more accessible,” said Hany Rashwan, CEO and Co-Founder at 21.co. “Now, we’re the highest valued and largest tech startup in Switzerland – and we’re still only in the early days. 21.co remains committed to building innovative products that meet investor demand as this asset class continues to gain rapid momentum.”
“Even in the midst of crypto winter, Marshall Wace believes that 21.co has the potential to revolutionize the industry globally and we’re looking forward to working alongside the team,” said Amit Rajpal, Partner and CEO Asia at Marshall Wace.
Photo: 21.co founders Hany Rashwan and Ophelia Snyder