Tether Leads $10 Million Investment Into Celsius Network
The Celsius Network, a decentralized finance lending platform, has announced that Tether, the company behind the popular USDt stablecoin, is the lead investor in its $10 million funding round.
The Celsius Network uses the Ethereum blockchain and currently manager over $680 million. It has paid over $17 million in interest to its users, which reportedly control over 100,000 wallets with it. While the firm revealed Tether led the investment round, it did not mention other investors.
Its CEO Alex Mashinksy was quoted as saying:
“We are excited by the investment from Tether International as it will help us deliver USDt-based services to all our users. We are proud to add Tether International as the first institution to participate in our equity fundraising.”
Through BnkToTheFuture, a crowdfunding platform with over 80,000 users, qualified investors could have also invested in Celsius, with a minimum of $1,000. Tether has notably invested in another decentralized finance app earlier this year, when it invested in Aave.
