From the year 2009, the cryptocurrency industry has started from the individual adoption level all the way up to the mainstream adoption level.
However, the mainstream adoption of the cryptocurrency industry had not been enjoyed at the level it was expected to be adopted by the crypto developers.
Crypto Mainstream Adoption through ETPs
Then came mainstream firms that introduced innovation and came up with a new way of bringing cryptocurrencies to mainstream investors.
Many cryptocurrency and mainstream firms came up with the launch of exchange-traded products (ETPs). The ETPs have allowed mainstream investors to make indirect investments in cryptocurrencies but in a highly secure and regulated manner.
21.co has Become a Crypto Union
21.co, which is the parent company of 21Shares, a provider of exchange-traded products, has made an announcement about its latest achievement.
21.co has announced that it has become a cryptocurrency unicorn company, which means it has a valuation of at least $1 billion or more.
The company has been operating in Switzerland and following recent funding round, it has become the largest cryptocurrency unicorn in Switzerland.
The announcement surrounding the achievement of the company was made on Tuesday.
Funds Raised by 21.co
According to reports, 21.co has generated $25 million from the funding round. The particular funding round was led by Marshall Wace, which is a hedge fund based in London.
Following the funding round, the valuation of 21.co has risen to $2 billion, making it a cryptocurrency unicorn.
Purpose of 21.co
The purpose of the 21.co platform is to build a connection between 21Shares and Amun, which is a third-party token provider. The platform also serves the same purpose for any cryptocurrency projects that are released in the near future.
In some words, the purpose of 21.co is to build a bridge between 21Shares and other cryptocurrencies plus Amun.
Comments by Hany Rashwan
Hany Rashwan, the founder of 21.co, all the ETP products launched through 21Shares will retain the same features as any other ETP.
Rashwan also added that they want to practice the same standards as they have done in the past with ETP listings. Their business structure will remain the same but they will work on enlisting many more ETPs in the future for cryptocurrencies.
Raswhan also added that they will proceed with global expansion and the funds they have generated from the funding round would go towards the purpose.
As the company has gained much traction in Switzerland, it aims to gain more ground all over Europe. In addition to Europe, they will proceed with expanding their business all over the Middle East.