The industry-leading Crypto lending platform Celsius, the part of Celsius Network Limited has bagged US$10M from lead investor Tether, which is the largest stable coin issuer and holds 90% of the market share. Tether, the ancillary of Tether Group is the lead investor in Celsius’ first equity round. This deal is a subsequent part of US$30M round when Celsius plans to grow its community and expand its institutional services worldwide.
This UK based company, Celsius has also announced the launch of its funding round with retail broker BnkToTheFuture. The company offers interest income and lending platform, which has seen a swift and substantial growth since the launch in July 2018. They announced the achievement of its stupendous growth by exceeding over 115,000 active wallet account users with over US$6.2 billion in originated coin loans. The company competently manages over US$680 million in assets and has paid over US$17 million in interest to its community.
Celsius CEO Alex Mashinsky said that they are excited by the investment from Tether International as crypto community lacks much of significant projects, and this investment will help them deliver USDt-based services to all their users. He added that they are proud to join Tether International as the first institution to participate in their equity fundraising.
Celsius is excited to associate with Tether International, its lead investor who intends to help Celsius deliver new products to the crypto community. Celsius has already surfaced beneficial and exciting services accentuating products from Tether group besides its services that include institutional USDt-based lending and the first of its kind interest income bearing service on XAUt.
The CFO of the Tether group, Giancarlo Devasini said that they have worked with Celsius Network Limited since 2018 and found them equally passionate and committed to the crypto community as they are. He anticipated advancing relations between the two through this association.
Celsius aims to disrupt the banking standard of financial services and therefore greets and welcomes the investment of Tether International. Tether International group takes the honour of being the creator of the first and the most popular liquid stable coin. It’s USDt based lending service has over 9 Billion issued token which is the highest daily volume of any crypto token. Hence it has been ranked #3 on CoinMarketCap.
About Celsius Network
Celsius Network attends the financial needs of today’s consumers globally through a high-interest income and low-cost loans accessible on a mobile app. Celsius believes that financial services should restrict themselves to the interests of the depositor community. Celsius is a Blockchain-based platform where members are given access to organised financial services that are not available through traditional financial institutions.
For more information, please visit www.celsius.network
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