#27 - Ophelia Snyder (21Shares) - Bridging the crypto gap
Oct 28, 2023
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Ophelia Snyder, CEO of 21Shares, discusses the Global Crypto Classification Standard and its potential to bridge the gap between traditional finance and crypto-assets. She also shares insights on the birth and growth of 21Shares, their sustainability initiatives, and their vision for tackling upcoming environmental challenges.
21Shares is committed to carbon neutrality in the crypto industry, actively offsetting carbon emissions and investing in sustainable cryptocurrency operations.
The Global Crypto Classification Standard (GCCS) developed by 21Shares provides a comprehensive classification structure for crypto assets, bridging the gap between traditional finance and the crypto space.
Deep dives
Mission for Carbon Neutrality
21 Shears, a leader in the crypto industry, has been committed to achieving carbon neutrality since its inception. They have made significant efforts to make their operations carbon neutral, setting them apart in the industry. The company invests in research and development to explore sustainable cryptocurrency operations and actively offsets carbon emissions. By prioritizing sustainability, they aim to drive innovation and contribute to a greener future.
Global Crypto Classification Standard
Understanding the diverse crypto asset ecosystem is crucial. To bridge the gap between traditional finance and crypto, 21 Shears developed the Global Crypto Classification Standard (GCS). This standard provides a comprehensive three-level classification structure, organizing crypto assets based on their type, sector, and taxonomy. The GCS helps investors, regulators, and individuals develop a functional mental model of the crypto space, fostering confidence and understanding.
The Journey of 21 Shears
21 Shears was created to address the accessibility challenges in the crypto market. Co-founded by Ophelia Snyder and Haney Rush, the company offers exchange-traded products (ETPs) across multiple regions. They began with a research-driven index product that offered exposure to the top five crypto assets, combining financial expertise and projected supply numbers. Over the years, 21 Shears expanded geographically, became more diverse in their product offerings, and focused on building a robust software platform to manage operations effectively.
Balancing Accessibility and Sustainability
21 Shears' commitment to sustainability extends beyond carbon neutrality. They strive to balance accessibility to crypto assets while being environmentally conscious. The crypto industry has evolved, decreasing its environmental impact, especially with the transition from proof of work to proof of stake consensus mechanisms. The company invests in green initiatives, supporting projects that align with their commitment to sustainability. This approach ensures long-term success, wider acceptance of cryptocurrencies, and a greener future.
During an insightful discussion, Ophelia explores the nuances of the rapidly growing crypto space, shedding light on the critical role her company, 21Shares, plays in its development. Our discussion also covers the Global Crypto Classification Standard (GCCS). She shares valuable insights on why the GCCS was formed, emphasising its potential to bridge the gap between traditional finance and the intricate realm of crypto-assets. We also delve into the challenges it took to get this off the ground.
Ophelia shares many engaging stories about the birth and growth of 21Shares – its inception, key milestones, value proposition, and geographic expansion. During the episode, we speak about the company's diverse product offerings and the vital role its partners play, including market makers and custodians. Sustainability is a fundamental value of 21Shares, and we find out it was brought to the forefront due to their pledge to offset carbon emissions, particularly from on-chain crypto transactions. Our conversation ends with a discussion on 21Shares' green initiatives, their strategy for choosing such projects, and their vision for tackling upcoming environmental challenges.
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