Celsius Network, a cryptocurrency lending and borrowing platform, has closed its latest investment round with $18.8 million raised. The company previously announced it secured $10 million from www.Tether.to at a $120 million pre-money valuation.
Founded in 2017, Celsius addresses the financial needs of today’s consumers worldwide through a democratized interest income and lending platform accessible through a mobile app.
“Built on the belief that financial services should only do what is in the best interests of the community, Celsius is a modern platform where membership provides access to curated financial services that are not available through traditional financial institutions.”
Crypto holders can earn interest by transferring their coins to their Celsius Wallet and borrow USD against their crypto collateral at interest rates as low as 5% APR. While sharing more details about the investment round, CEO of Celsius Network, Alex Mashinsky, stated:
“We are thrilled at the response we have gotten from our community during this fundraise. It is our goal to continue to work for our community, and we saw this as an opportunity to have them participate directly in a way that aligns with our mission of giving back up to 80% to our community.”
Celsius added it is continuing its dedication to seeing its goals from the whitepaper to fruition and believes this raise is proof of the mutual commitment it shares with its community in this mission.
