Cryptocurrency lending platform Celsius Network has raised $400m in new equity funding from investors as it grapples with mounting scrutiny from US regulators towards crypto businesses.
The funding round was led by WestCap, the fund set up by former Airbnb and Blackstone executive Laurence Tosi, and Caisse de dépôt et placement du Québec (CDPQ), Canada’s second largest pension fund.
Celsius, founded in 2017, offers its customers interest of as much as 17 per cent on deposits of cryptocurrencies. The company pays the interest in crypto, including in its own token.
The latest funding round values the company at more than $3bn, Celsius said, marking a substantial increase from a small equity raise last year led by Tether, the company behind the eponymous $69bn stablecoin, that valued Celsius at $120m.