Celsius Network, an interest-earning platform for cryptocurrency, has scored $18.8m in its new funding round.
The investment was open to both qualified US and non-US investors through the BnkToTheFuture platform. BnkToTheFuture is an online investment platform which helps to connect investors with cryptocurrency and FinTech companies, security tokens and other new alternative financial products.
When launching its campaign on BnkToTheFuture, Celsius Network has set a goal of $17m, but chose to increase this after seeing strong appetite from investors. Investors could get involved with the round from as little as $1,000.
This is the second bout of funding from Celsius Network this year. The FinTech previously received a $30m investment from Tether, which is the largest stablecoin issuer with a 90% market share. The pre-money valuation of Celsius Network had been set at $120m.
Celsius Network CEO Alex Mashinsky said, “We are thrilled at the response we have gotten from our community during this fundraise.
“it is our goal to continue to work for our community, and we saw this as an opportunity to have them participate directly in a way that aligns with our mission of giving back up to 80% to our community.”
The Celsius Network provides cryptocurrency holders with a mobile app where they can access curated financial services. Through the app, a user can earn up to 12% APY on the cryptocurrency in their wallet, or if they prefer, in gold.
Furthermore, Celsius Network lets users buy cryptocurrencies, access cash loans backed against cryptocurrency and transfer tokens.
Earlier in the year, Celsius Network revealed it had surpassed $1bn in total cryptocurrency deposits in less than two years after launching its mobile app.
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