Bitcoin

Celsius Network raises more than $ 20 million through crowdfunding

The blockchain-based lending platform The Celsius (CEL) Network raised $ 20.17 million from more than 1,000 investors in one day in its recently expanded crowdfunding offering.

The most recent expansion came long after the “target” of $ 17 million was met.In itself, this was a significant increase over the original target of $ 10 million to $ 15 million.

Celsius announced this with great enthusiasm On the first day of the offering, 39 investors raised $ 10.7 million, but then it took 44 more days to raise the next $ 10 million. It turned out that Tether had $ 10 million in it.

Celsius Network raises more than $ 20 million through crowdfunding
Celsius Network raises more than $ 20 million through crowdfunding

The founder and CEO of Celsius, Alex Mashinsky, display various extensions since the launch of the offer on the private equity crowdfunding platform BankToTheFuture in June.

The last extension to Celsius was announced on August 21. In the past 24 hours as the clock neared the deadline, additional investments of $ 171,000 were announced by 20 new entrants.

This could be partly related to Celsius’s announcement that it would grow the stablecoin’s earnings to 15.89% per year.. Mashinsky boasted that “stablecoin holders can earn more than 100 times what a traditional bank offers through the Celsius platform.”

However, Celsius’s public offering was hampered by unsubstantiated rumors of financial difficultiesand The Block’s Larry Cermak claims the funding round included a desperate attempt to keep the company afloat:

“There’s a story about why Celsius raised money so abruptly last month. We received several tips that they are about to close. 100% agree with you on the lack of transparency, I would be careful using it. “

Mashinsky noted this in his response on Twitter The Celsius Treasury has more than $ 150 million in assets. The $ 10 million investment in Tether (USDT) shows that the company has no financial problems.

Celsius currently has over $ 1.1 billion worth of coins on the 150,000+ user platform. The company’s main source of income is personal and institutional loans, with up to 80% of all income returned to the community.

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