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!”