Celsius (CEL) announces $ 750 million in funding for its ecosystem

Popular crypto lender Celsius Network (CEL) is increasing its Series B funding round to $ 750 million after an initial round of funding of $ 400 million in October interview recently with Blockworks.

Celsius could be estimated at $ 10 billion next year

According to Alex Mahinsky, the fundraising raised Celsius to around $ 3.5 billion in October, which he believes could grow to as high as $ 10 billion in the next year due to its exposure to foreign currencies.

The newly acquired funds will help Celsius expand its product range. At the same time, this money will also be used to help them enter new markets while they focus on bettering the CelsiusX project – a project that bridges centralized funding (CeFi) and decentralized funding (DeFi) .

Regarding the funding round, Mahinsky said the oversubscription is evidence of Celsius’ growth and brand.

“We have already paid our community over $ 1 billion and I think the excitement of investors about the nearly doubling of the funding round shows that our mission is to ‘do good then’ to be active and part of it be. ”

Other Celsius crypto activities

While the Celsius Network is best known for its crypto lending services, they have covered a number of other crypto-related adventures lately.

Celsius recently announced that it will be investing an additional $ 300 million in its BTC mining operations in North America, bringing its total investment in that area to $ 500 million this year alone.

Celsius further announced that the mined coins will be used to promote the lending business.

In addition to mining operations, Celsius recently also acquired the GK8 crypto-custody platform, while Alex Mahinsky refused to rule out entering the NFT space anytime soon.

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