Saturday, May 21, 2022

Providing Interest Income to Cryptocurrency Holders, Celsius Raised $400 Million Investment

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Celsius Network, which enables crypto money holders to earn passive income, announced in its announcement on Tuesday that it has raised $400 million in investment led by WestCap and CDPQ. Investment by WestCap and Caisse de dépôt et placement du Québec has increased the value of Celsius Network, which has more than 1 million users, to over $3 billion. Celsius will use the funding it receives to increase its staff of 486 people to approximately 1,000 people and to develop new products, especially at the corporate level. Alex Mashinsky, CEO of Celsius Network, said, “The partnership with WestCap and CDPQ brings Celsius; It is well positioned to advance the task of decentralizing traditional finance using blockchain technology.” said. The securities authority in Kentucky ordered the company to cease operations last month, arguing that Celsius Network, which provides its customers with certain rates of interest in return for the crypto money deposited in their time deposit accounts on the platform, violated local securities laws. Local authorities in the states of Texas, Alabama and New Jersey have taken action against Celsius for similar reasons. The total value of assets held on Celsius Network’s platform has exceeded $25 billion as of October.

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