Zug – Fintech startup 21Shares has reached a new milestone: After just one year on the European market, the pioneer for crypto products already has $100 million assets under management. Part of its success can be attributed to the current upswing in crypto currencies.

21Shares is now trading 75 percent of the total volume of crypto-related products on SIX Swiss Exchange, Switzerland’s largest stock exchange. In the first two weeks of August alone, the Zug-based startup saw trading volumes increase to 18.5 million Swiss francs across its 11 products. According to a press release, this demonstrates that 21Shares is benefitting from the current upswing in crypto currencies.

A pioneer in this field, 21Shares, which operated under the name Amun until February 2020, launched the world’s first crypto index Exchange Traded Product (ETP) listed on a regulated stock exchange in 2018. It was listed on the SIX Swiss Exchange the following year and has been using the exchange as a base to expand into more European markets, according to the press release. Today, the crypto pioneer has listed 11 crypto ETPs and over $100 million in assets under management.

“The world needs a company” like 21Shares “to make crypto as easy as buying a stock,” Adam Draper, Founder and Managing Director of Boost VC said in March 2019, when Boost VC led a financing round that raised $4 million for the startup. The company can now “be the de-facto platform for anyone else looking to take their crypto assets/securities to the public markets”.

The $100 million milestone “after only a year in the market across Europe shows how well investors have embraced our products”, said Hany Rashwan, CEO of 21Shares. “With 11 total products available in 4 currencies including GPB, 21Shares has by far the largest product suite in the industry and now one of the fastest-growing as well. Now that the important $100 million mark is met, we can focus on our next target: $1 billion!”

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