Crypto lender Celsius Network's valuation soars 2,400% in latest fundraising round
Celsius Networkhas raised $400 million in its latest fundraising round, pushing its valuation to $3 billion.
- The fundraising comes amid the heightened scrutiny directed toward the digital asset space.
- The cryptocurrency lender has, in the past, run up against regulators for its product offerings.
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Cryptocurrency lender Celsius Network has raised $400 million in its latest fundraising round, pushing its valuation 2,400% higher to $3 billion, amid heightened scrutiny directed toward digital assets.
The investment round was led by WestCap, a New York-based growth equity firm, and Caisse de dépôt et placement du Québec, a Canada-based global investment group, Celsius announced on Tuesday.
Celsius, founded in 2017, said the latest cash injection will be used to expand its offerings and products, double its 486-person team, and increase its presence through strategic acquisitions.
Last year, Celsius raised $30 million in a first equity round, giving it a valuation of $120 million. The lead investor was stablecoin issuer Tether, which contributed $10 million.
The latest fundraising round comes as the US regulators harden their stances against cryptocurrency firms, particularly on interest-bearing products.
Celsius offers a compounding yield service and instant low-cost loans. It is a blockchain-based platform where users can sign up for free.
In September, all on the same day, Texas filed for a hearing with the potential to impose a cease-and-desist order against Celsius for offering unlicensed securities, New Jersey ordered the company to stop offering unregistered interest-bearing investments, while Alabama ordered Celsius to detail how it is not violating its state securities law. Around a week after that, Kentucky issued a cease-and-desist order against Celsius over its "Earn Interest Accounts."
Celsius has maintained it complied with all laws.
The Securities and Exchange Commission also takes this seriously. Under the leadership of Gary Gensler, the highly anticipated Lend program of Coinbase Global was shelved after the agency said it will sue the cryptocurrency exchange if it pushes through with its launch.
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