Home News Celsius Network Series B expands to $750M

Celsius Network Series B expands to $750M

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The centralized cryptocurrency lending platform Celsius Network has increased the volume of funds raised during the Series B investment round to $750 million. Thus, the firm’s valuation reached $3.25 billion.

Previously in October, the firm raised $400 million at a valuation of $3 billion. Investment company WestCap and Canada’s second-largest pension fund Caisse de dépôt et Placement du Québec (CDPQ) led the round.

The platform will use the attracted resources to expand the product line, enter new markets and develop the decentralized finance (DeFi) direction in the CelsiusX project. CelsiusX aims to create an infrastructure for interaction between centralized finance (CeFi) and DeFi protocols.

Mining the first cryptocurrency

Celsius Network will also allocate funds for green Bitcoin (BTC) mining. In June, the company provided $200 million for the implementation of this goal. The company invested in the American blockchain hosting provider Core Scientific; mining company Rhodium Enterprises from Texas and software developer Luxor Technologies.

“We consider the company’s priority to help revive Bitcoin mining in North America through renewable resources”. Said Alex Mashinsky, the CEO of Celsius.

Later in November, the firm announced an additional investment of $300 million to mine the first cryptocurrency in the United States. Mashinsky said that they are planning to constantly increase the hashrate until the end of next year. According to him, the growth rate of the company’s computing capacity will slow down in the coming months.

GK8 acquisition

Earlier, the platform acquired GK8 startup specializing in custodial services for $115 million.

Furthermore, GK8 positioning itself as a cold storage platform for financial institutions; supporting various crypto assets, decentralized applications and staking.

The founders of the Israeli startup Lior Lamesh and Shahar Shamai previously worked as cybersecurity experts in the office of the Prime Minister of Israel. GK8 and Celsius have teamed up to create an all-in-one platform for banks and financial institutions. End-to-end solutions, no hardware dependencies, 100% cyber protection, unique MPC wallet, governance and compliance ready solutions, and asset agnostic are some of GK8 and Celsius Network’s key differentiators.

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