21Shares has announced a significant organizational split in order to enhance operational efficiency and foster growth.
The company will separate its asset management division from its technology-focused arm, 21.co Technologies. This restructuring is aimed at allowing each entity to focus on its core competencies, with 21Shares focusing on asset management and 21.co driving product and technology development.
The decision to split the business is part of a broader strategy to prepare for the next phase of growth in the digital assets and blockchain technology sectors. The reorganization is expected to facilitate clearer leadership and more focused strategies within both divisions, ultimately enhancing their ability to innovate and respond to market demands.
As part of the restructuring, co-founders Hany Rashwan and Ophelia Snyder will take on new roles as board members of 21Shares. Rashwan will transition to the position of CEO of 21.co Technologies, while Snyder will continue as President of the holding company.
The management team at 21Shares is also undergoing a transformation, with new appointments from British asset manager Abrdn. Russell Barlow has been appointed as the new CEO and head of the asset management and ETP business, Duncan Moir will assume the role of President, and Edel Bashir joins as COO. Additionally, Andres Valencia, a former employee of 21Shares, will take on the position of Vice President of Investment Management.
The restructuring represents a formalization of a strategy that has been in development for over a year. It aims to enable each division to grow independently and efficiently, capitalizing on their respective strengths. With a clear delineation of responsibilities, both 21Shares and 21.co Technologies are expected to enhance their operational effectiveness and drive innovation in their fields.
21.co Technologies will focus on developing new products that address emerging needs in the cryptocurrency market, such as embedded risk management, tokenized assets, and data solutions tailored for the crypto ecosystem. This strategic emphasis on technology development is crucial as the industry continues to evolve.
The separation of the two business units is expected to foster a culture of innovation within 21.co Technologies, allowing it to explore new avenues for growth and development.
The restructuring of 21Shares and the establishment of 21.co Technologies signal a proactive approach to navigating the complexities of the digital asset space, positioning both entities for sustained success in the years to come.