The Celsius Network, a centralized cryptocurrency-lending platform, announced that it had raised $400 million in funding. The round valued the company at more than $3 billion.
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The round was led by WestCap and Canada’s second-largest pension fund, Caisse de dépôt et placement du Québec (CDPQ).
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According to a press release, Celsius will deploy the funds to expand its product lineup and to \”bridge traditional finance and cryptocurrencies.\”
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Part of the funding will go toward expanding the team from 489 employees to nearly 1,000 and enabling global growth through strategic acquisitions.
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As of October 8, 2021, assets under management exceeded $25 billion, with more than 1 million registered on the platform, Celsius said.
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The funding round occurred amid allegations in the United States that the platform sold unregistered securities. The claims were raised by regulators in Texas, New Jersey, Alabama and Kentucky.
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CEO Celsius Network expressed hope, that the investment would persuade regulators of the platform’s stability and \”help open doors to the main financial markets.\”
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According to WestCap founder Laurence Tosi, Celsius aims to work constructively with regulators.
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\”As the use of digital assets becomes more widespread, we intend to seize the right opportunities, moving with our partners toward a regulated industry,\” said CDPQ executive vice-president Alexander Sinnett.
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In July 2020, Celsius raised $18.8 million, and later in a crowdfunding campaign raised $20.2 million.
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In June 2021, the platform invested more than $200 million in Bitcoin mining in the United States.
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