Cryptocurrency Lending Giant Celsius Network is getting US$10M from lead investor – the largest stablecoin issuer Tether – who own 90 per cent market share in the stablecoin sector. Tether is the lead investor in Celsius’ first equity round. The deal is part of a US$30M round which Celsius plans to grow its community and expand the institutional services it provides worldwide.
“We have worked with Celsius Network Limited since 2018. We found them to have the same passion and commitment to the crypto community that we have. We look forward to advancing our relationship together,” said the CFO of the Tether group, Giancarlo Devasini.
“The crypto community has only a few great projects and we are excited by the investment from Tether International as it will help us deliver USD-based services to all our users,” said Celsius CEO Alex Mashinsky. “We are proud to add Tether International as the first institution to participate in our equity fundraising.”
Celsius has seen rapid growth since its launch in July 2018. The financial services app recently announced over 115,000 active wallet accounts, with over US$6.2 billion in originated coin loans. The firm manages over US$680 million in assets and has paid over US$17 million in interest to its community since launch.
Celsius has already launched exciting services featuring Tether group’s products including institutional USDt-based lending and the first interest income bearing service on XAUt. Celsius is excited to have Tether International as a lead investor to help it deliver new products to the crypto community.
With a mission to disrupt the banking standard of financial services, Celsius welcomes the investment of Tether International, from the group that created the first and most popular and liquid stablecoin. USDt has over 9 Billion issued tokens, the highest daily volume of any crypto token, and is ranked #3 on CoinMarketCap.
Celsius Network addresses the financial needs of today’s consumers worldwide through a high-interest income and low-cost loans accessible via a mobile app. Built on the belief that financial services should only do what is in the best interests of the depositor community, Celsius is a Blockchain-based no-fee platform where membership provides access to curated financial services that are not available through traditional financial institutions. For additional information please visit www.celsius.network
Also published on Medium.