Despite scrutiny from U.S. regulators, the latest $400 million funding round gives Celsius Network a valuation of over $3 billion.
- Celsius Network has raised $400 million in a funding round.
- The latest raises gives Celsius a valuation over $3 billion.
Celsius Network, a cryptocurrency lending platform, has successfully raised $400 million, placing the value of the company now over $3 billion, per the Financial Times.
Despite the lofty figures, Celsius’ chief executive, Alex Mashinsky, is reportedly more excited about the legitimacy the funding round affords the company.
“It’s not the $400 million,” said Mashinsky. “It’s the credibility that comes with the people who wrote those cheques.”
Celsius’ regulatory controversy
The funding round—and its perceived—has come at a time of regulatory controversy for the company.
On September 17, 2021, the New Jersey Bureau of Securities filed a cease-and-desist order against Celsius to stop the company from offering its high-interest accounts to New Jersey customers by the end of October.
On the same day, the Texas State Securities Board ordered Celsius to appear for a hearing on February 14, 2022—the Texas authority has threatened to issue its own cease-and-desist order as well