Celsius Network Raises Additional $350M Following Investment Round

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Centralized crypto lending platform Celsius Network has increased the volume of funds raised during its recent Series B investment round to $750 million. As a result, the valuation of the company now amounts to $3.25 billion.

The company raised in October $400 million and its valuation hit $3 billion. The round was led by investment firm WestCap and Canada’s second-largest pension fund, Caisse de dépôt et Placement du Québec.

The platform will use the capital to expand the product line, enter new markets and develop the DeFi direction in the CelsiusX project, which aims to create an infrastructure for interoperability between CeFi and decentralized finance protocols.

The Celsius Network will also use the money to fund green Bitcoin mining.

The company provided $200 million in June for the implementation of this goal.

Custodian startup GK8 has previously purchased the platform for $115 million.