WestCap and Caisse de dépôt et placement du Québec co-led a round valuing the Tether-backed crypto lending platform developer at over $3bn.
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…
Fernando Moncada Rivera
Fernando Moncada Rivera is a reporter at Global Corporate Venturing and also host of the CVC Unplugged podcast.
