Celsius Network, a Hobeken, N.J.-based global cryptocurrency earning and borrowing platform, raised US $400m in funding.
The round, which valued the company at more than US $3 billion, was led by WestCap and Caisse de dépôt et placement du Québec (CDPQ).
The company intends to use the proceeds from this investment to continue expanding its offering and products, as well as building bridges between the traditional finance and cryptocurrencies, with specific emphasis on launching institutional grade products and offerings. Part of the proceeds would also be used to double its team from 486 employees to nearly 1,000 and expand globally through strategic acquisitions.
Led by Alex Mashinsky, CEO, Celsius Network provides a blockchain-based fee-free platform for hundreds of thousands of consumers worldwide to find the path towards financial independence through a compounding yield service and instant low-cost loans accessible via a web and mobile app.
The company recently reported that as of October 8, 2021, total assets crossed the $25 billion threshold – including more than 1 million customers registered with the platform – having paid more than $850 million in interest to users through its Earn product in just over three years.