Celsius Network Just Got A Lot Of Money From Some Very Credible People
While crypto lenders are under fire from regulators, Celsius Network raises an impressive amount of cash.
Big news for @CelsiusNetwork in the @FT https://t.co/Na1hhNY0YW
— Alex Mashinsky ©? (@Mashinsky) October 12, 2021
Via press release, Celsius Network announced this morning that they’ve completed another successful funding round, raising over $400 million USD from Westcap Private Equity and Caisse de dépôt et placement du Québec (CDPQ). The Alex Mashinksy-led crypto lender is now valued at more than $3 billion.
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- The fundraise is being referred to as a “partnership” by Celsius CEO Alex Mashinsky. “It’s not the $400m. It’s the credibility that comes with the people who wrote those cheques,” he told the Financial Times.
- Westcap Private Equity is led by Laurence A. Tosi, a former CFO of AIR BNB. Westcap was an early investor in Stubhub. While CDPG is Canada’s second largest pension fund.
- Crypto lenders like Celsius and Blockfi are currently under regulatory fire. Regulators in several states are charging the lenders with illegal lending out of securities.
- Westcap doesn’t seem too bothered by the political posturing. “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.” Laurence A. Tosi, CEO of Westcap, said.
- With the proceeds from the fundraise, Celsius will expand its “products and services,” with “emphasis on launching institutional grade products and offerings.” In addition, they will increase their corporate headcount from under 500 to 1000 employees worldwide.
- Celsius recently reported $25 billion assets under management.
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Text source: CryptosRus
