Announcing the news on Tuesday, Celsius noted that the latest funding was led by Canada’s second-largest pension fund, Caisse de dépôt et placement du Québec (CDPQ), and WestCap, an equity firm established by former Airbnb executive Laurence Tosi.
The firm intends to use the proceeds from this investment to continue expanding its offering and products, focusing on institutional grade products. Celsius also expects to double its team from 486 employees to nearly 1,000 and expand globally through strategic acquisitions.
Celsius CEO Alex Mashinsky expressed hope that the new fundraising would help the industry reassure regulators about the stability of his crypto lending business and expand it across mainstream financial markets. “It’s not $400 million. It’s the credibility that comes with the people who wrote those cheques,” he said in an interview with the Financial Times on Tuesday.
'With more than $25 billion in assets and over $850 million in yield paid to over 1.1 million users Celsius has distributed 10x more yield for the crypto community than any other lender,' Mashinsky told Cointelegraph.
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