The popularity of the crypto sector is increasing day by day. Given the high potential to generate higher profits than most traditional assets, more companies are diving into the industry. These emerging firms notably influence the system by providing unique crypto-related products and services.
For the success of most of their projects, some of these crypto services firms engage in fundraising. These processes have become one of the well-known activities taking place in the crypto industry.
Such rounds usually help to generate most of the necessary funds to facilitate their ongoing or future projects. Other top shots in the crypto space usually facilitate and support these tours for upcoming firms.
In a new development, 21.co, the parent company of 21Shares, revealed its recently concluded fundraising round. According to the crypto ETF issuer, Marshall Weiss pioneered the round, which in the end earned about $25 million.
This recent fundraising round is the first of its kind for 21.co in the past two years. In addition to Marshall Weiss as the leading company, other firms participated in the fundraising. These include Quiet Ventures, Valor Equity Partners, Collab+Curency and ETFS Capital.
21.co got a price increase through fundraising
With the funds raised from the round, 21.co received a spike in its valuation, which currently stands at $2 billion. The firm said it has climbed a better positive ladder which will facilitate its growth in performance. Furthermore, 21.co now stands as the largest cryptocurrency unicorn in Switzerland, thanks to increased fundraising rounds and valuations.
The subsidiary firm is taking steps to support its core operations. 21Shares added various functions that will assist 21.co in its expansion goals in the Middle East and some European countries.
In addition, 21Shares moved to the US market in May by launching two separate private funds. Those funds are meant to bring crypto-asset exposure to accredited investors.
Firm Focuses on Expanding Cryptocurrency Market
Through its announcement, 21.co revealed its new focus based on increased valuations. It explained that the operations will drive faster and enhanced growth while focusing on its products. At the same time, it promised to include strategic talent acquisitions and major market expansion.
Additionally, ETF issuers have more plans to introduce institutional and retail investors to the asset class. The firm has decided to take regulatory compliance as its watchword. Therefore, it will also comply with regulatory standards within its area of operation.
Recall that by the end of 2021, the revenue record of 21.co was at the level of billions. Plus, its performance during the crypto winter was not too bad. The firm can maintain its anchorage through the storm and still register permanent flows in operation.
Featured image from BBC, chart from TradingView.com