Cryptocurrency Earning and Borrowing Platform, Celsius Network secured $400 Million in funding

Celsius Network

Celsius Network, a New Jersey based global cryptocurrency earning and borrowing platform, has now secured $400 million in funding.

Celsius Network is founded by Alex Mashinsky. It offers a blockchain-based fee-free platform for lots of consumers across the globe to find the path towards financial independence via a compounding yield service and instant low-cost loans accessible via the mobile and web app.

Executive Opinion

Alex Mashinsky, CEO of Celsius Network, said, "We are pleased by the response we received from many leading financial investors during this fundraise. The partnership with WestCap and CDPQ puts Celsius in a position to grow and further its mission to leverage blockchain technology to connect and decentralize the traditional finance".

Laurence A. Tosi, Founder and Managing Partner at WestCap, said, "WestCap and CDPQ believe Celsius is a world-class business in size and scope, and will continue to be the leader at the forefront of the industry in regard to innovation and regulatory acceptance. While the current regulatory attention is new, Alex Mashinsky and Celsius' ethos has long echoed the sentiment regulators are trying to put forth in terms of consumer protections. Celsius is committed to working constructively with regulators to better understand the dynamic crypto space, protect retail customers from fraud and undue risk, and create general consumer knowledge to allow for thoughtful investment decisions."

Celsius Network's Latest Funding

The round, which valued the company at around $3 billion, was backed by the Caisse de depot et placement du Quebec (CDPQ) and WestCap.

The company, as of now, has plans to use the new funds to continue expanding its offering and products as well as building bridges between cryptocurrencies and traditional finance, notes the announcement.

The cryptocurrency startup also intends to use the parts of the funding to double its team from 486 employees to around 1000 and expand the globe via strategic acquisitions.
PC: Pixabay

Note: We at TechSutram take our ethics very seriously. More information about it can be found here.
Udit Agarwal Opinions expressed by techsutram contributors are their own. More details

Udit Agarwal is a Digital Marketer and a Content Marketing Specialist, He enjoys technical as well as non-technical writing. His passion and urge for gaining new insights on gadgets, smartphones and technology has led him to Techsutram. He quenches his thirst for technology through his action oriented writing skills and a profound ability to stay up to date with latest industry trends.

No comments:

Post a Comment

    Your valuable comments are welcome. (Moderated)