Crypto lending platform Celsius Network has reportedly secured $400 million via a new equity funding round, during the time of enhanced scrutiny from US lawmakers on crypto lending.
Specifically, Celsius reportedly revealed that this most recent funding was in charge by the top two Canada-based pension funds, Caisse de dépôt et placement du Québec (CDPQ), together with WestCap – an equity entity formed by ex-Airbnb executive Laurence Tosi.
The company reportedly has a primary aim of dedicating the acquired funds from this investment towards widening the range of its services and products, concentrating on institutional-grade products.
Celsius has further expectations of increasing its team’ size by twice, from 486 individuals to around 1000, along with international expansion via strategic acquisitions.
Head of Celsius – Alex Mashinsky – reportedly shared his hope that the new fundraising would offer some reassurance on behalf of the sector towards the lawmakers, regarding the stability of his crypto lending business, as well as widening the scope throughout mainstream financial markets.
“It’s not $400 million. It’s the credibility that comes with the people who wrote those cheques. With more than $25 billion in assets and over $850 million in yield paid to over 1.1 million users, Celsius has distributed 10x more yield for the crypto community than any other lender” Mashinsky additionally remarked.
Established in 2017 in London, Celsius Network reportedly operates as a major crypto lending platform, offering users the ability to generate interest on holding digital assets such as Bitcoin (BTC).
The firm has managed to secure the position of being among the top-tier entities in DeFi, reporting digital asset holdings of over $20 billion in late August.