Celsius Network, the US-based cryptocurrency services platform backed by stablecoin issuer Tether International, has closed an $18.8m round, Crowdfund Insider reported on Sunday.
Tether contributed $10m to the round in June 2020 at a $120m pre-money valuation and Celsius had targeted a $30m close. Participants in the latest tranche were not identified.
Founded in 2017, Celsius Network offers cryptocurrency-denominated financing accounts that let customers take out US dollar loans provided by members of its community, using digital assets as collateral to bypass the need for a credit check.
Celsius also provides peer-to-peer loans in cryptocurrency at favourable interest rates utilising blockchain technology. The first tranche had been earmarked to expand the size of Celsius’s online community along with the services on offer.
Celsius Network obtained $50m in commitments from a crypto token sale when it launched its platform in March 2018.