Celsius Network secures US$10M equity raise with Tether as lead investor

LONDON, June 22, 2020 /PRNewswire/ -- 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. 

About Celsius Network
Celsius Network addresses the financial needs of today's consumers worldwide through a high-interest income and low-cost loans accessible via a mobile app. Built on the belief that financial services should only do what is in the best interests of the depositor community, Celsius is a Blockchain-based no-fee platform where membership provides access to curated financial services that are not available through traditional financial institutions. For additional information please visit www.celsius.network

Forward-Looking Statements
Certain statements in this press release may be forward looking in nature. The words "believe," "expect," "estimate," "could," "should," "intend," "may," "plan," "seek," "anticipate," "project" and similar expressions, among others, generally identify "forward-looking statements," which speak only as of the date the statements were made. The matters discussed in these forward-looking statements are subject to a number of risks, trends and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied in the forward-looking statements. None of Celsius, the Tether group of companies, nor any other person is responsible for updating or revising any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Contact:
Anastasia Golovina, Ditto PR
[email protected]

SOURCE Celsius Network

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