Celsius Network joins a long list of crypto firms to announce a mega-raise this year.
Celsius has closed a $400 million investment round, the crypto lending firm announced in a Tuesday press release. The round was co-led by WestCap and Caisse de dépôt et placement du Québec (CDPQ) and puts the firm’s valuation at $3 billion.
The firm said it plans to deploy the newly raised capital toward expanding product offerings, launching new institutional-grade products, and doubling its employee count.
Celsius is one of crypto’s largest centralized lending firms, alongside BlockFi. According to its records, since launching in 2017, Celsius has processed $25 billion in total assets and paid out $850 million in interest via its flagship product, Earn.