Stablecoin issuer Tether International has invested $10m to lead an equity funding round for UK-based mobile lending platform developer Celsius Network it expects to close at $30m.
The company is raising the cash through online investment platform BnkToTheFuture at a $120m pre-money valuation. It pulled in $50m from a crypto token sale when it launched its platform in March 2018.
Celsius has built an online peer-to-peer lending platform that utilises blockchain technology and offers high-interest income together with low-cost loans. It will use the proceeds to expand the size of its online community along with the range of services it provides.
Giancarlo Devasini, Tether’s chief financial officer, said: “We have worked with Celsius Network since 2018. We found them to have the same passion and commitment to the crypto community that we have. We look forward to advancing our relationship together.”
