Celsius Network raises an additional $350 million, valuing the company at $3.25 billion

The centralised platform for cryptocurrency lending Celsius Network increased the amount raised during its Series B to $750 million. The company is valued at $3.25 billion.

Celsius Expands its Series B From $400M to Oversubscribed $750M @Blockworks_ @jacqmelinek https://t.co/ulXWdyBGlW

— Celsius (@CelsiusNetwork) November 24, 2021

In October, the firm attracted $400 million at a valuation of $3 billion. The round was led by investment firm WestCap and Canada’s second-largest pension fund, Caisse de dépôt et placement du Québec.

The raised resources will be directed to expanding the product range, entering new markets, and developing DeFi initiatives in the CelsiusX project. The latter aims to build the infrastructure for interaction CeFi and decentralized finance protocols.

Introducing CelsiusX — the DeFi engineering arm of Celsius. 📢

We are excited to be working with industry leaders like @0xPolygon, @chainlink & @enzymefinance to build the future! 🤝

Learn more at: https://t.co/S0Rs2v8ROK https://t.co/hlLulMBCN0

— Celsius (@CelsiusNetwork) November 4, 2021

Celsius Network will also allocate funds for green Bitcoin mining.

Earlier in June, the company set aside $200 million for this purpose. In November, the firm announced additional investments of $300 million for mining the first cryptocurrency on US soil. 

Earlier the platform acquired the custody-focused startup GK8 for $115 million.

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