By ET Bureau - June 23, 2020 2 Mins Read
Celsius’s US$30M first equity round has Tether International as a US$10M lead investor at a US$120M pre-money valuation.
Celsius Network Limited (“Celsius”) is excited to announce that Tether International Limited (“Tether International”), a member of the Tether group of companies, the largest stablecoin issuer with a 90% market share, is the lead investor in Celsius’ first equity round. Celsius is the UK operating company in the Celsius group of companies.
Celsius offers a leading Interest income and lending platform. Last week, Celsius also announced the launch of its funding round with retail broker BnkToTheFuture.
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.
“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 USDt-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 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.
Celsius plans to use the US$30 million equity investment 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.
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.
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