Celsius Network, the US-based cryptocurrency services platform developer backed by stablecoin issuer Tether International, received $400m in funding yesterday at a valuation in excess of $3bn.
The round was co-led by growth equity firm WestCap and fund manager Caisse de dépôt et placement du Québec (CDPQ).
Founded in 2017, Celsius runs an online blockchain-based platform allowing users to take out dollar-denominated loans from other members of its community at a low cost through cryptocurrency-denominated financing accounts.
Funding will be used to launch new products for institutional customers and more than double the size of the company’s team to 1,000. It also plans on growing its footprint through strategic acquisitions.
Celsius last raised money when it closed an $18.8m round in July 2020 through online investment platform BnkToTheFuture, with Tether having invested $10m the month before. It had previously secured $50m through a crypto token sale when its platform launched in 2018.
Alex Mashinsky, Celsius Network’s chief executive, said: “We are pleased by the response we received from many leading financial investors during this fundraise. The partnership with WestCap and CDPQ puts Celsius in a position to grow and further its mission to leverage blockchain technology to connect and decentralise the traditional finance.”
