In an announcement shared with Cointelegraph on Wednesday, Celsius outlined that new funds will go toward expanding into new markets and product offerings, along with building its recently announced centralized finance-to-decentralized finance (DeFi) bridging project “CelsiusX.”Ĭelsius will also allocate funds to improving the “utility of its platform” and its commitment to sustainable Bitcoin ( BTC) mining. It’s the credibility that comes with the people who wrote those checks.” Mashinsky emphasized at the time that “it’s not $400 million. 12 amid a period of intense scrutiny placed on crypto lending firms from local regulators. The firm previously closed the round on Oct.
The company is now valued at $3.5 billion following the raise, and CEO Alex Mashinsky told Cointelegraph he expects that figure to “double or triple” next year, which would see it valued between $7 billion and $10.5 billion.
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Celsius CEO Alex Mashinsky said that the oversubscribed $750-million funding round was a “very good indication” of the strength of the company’s lending and yielding brand.Ĭrypto lending firm Celsius Network has expanded its $400-million Series B funding round from October to $750 million as a result of oversubscription in the firm’s capital raise.
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