The crypto-trust Celsius Network increased its Series B funding of $ 400 million from October to $ 750 million as a result of an oversubscribed capital increase.

The company is now valued at $ 3.5 billion after the increase, and CEO Alex Mashinsky told the Cointelegraph that he expects the number to “double or triple” next year, resulting in a valuation of between $ 7 and $ 10.5 billion. dollars.

The company ended the previous round on October 12 after careful investigation of local regulators for crypto borrowers. Mashinsky then stressed: “This is not $ 400 million. It’s about trusting the people who wrote these checks.”

In an announcement released Wednesday to the Cointelegraph, Celsius said the new money will go to expand into new markets and product offerings, in addition to the recently announced CelsiusX DeFi transition project.

Celsius will also raise funds to increase “interest in the platform” and its commitment to sustainable Bitcoin (BTC) mining.

Speaking of a $ 750 million funding round with the Cointelegraph, Mashinsky said the fact that the round exceeded orders shows a “very good indication” of the strength of the Celsius brand, which he said is user-focused.

“If you think about what we do, which is to pay income to society, you know that we have paid our society over a billion dollars, and we get that income primarily from stock exchanges and organizations. And most of our competitors [ …] charges customers and gives all the money to their shareholders, he said.

Earlier this week, Celsius outlined plans to invest a further $ 300 million in expanding North American BTC mining operations, bringing the sector’s total spending to $ 500 million.

Mashinsky explained his optimistic estimate of the percentage value of 2022 with the company’s ability to offer services in virtually all cryptocurrency sectors, and highlighted the potential for business growth:

“I think it is in itself worth many times more than what we invested in. So between that and the growth of our core business, the profitable business, the lending business or the mining business, the DeFi business, these things are obviously huge. ”
Celsius CEO also noted the $ 115 million acquisition of cryptocurrency storage platform GK8 earlier this month, and announced that the company plans to enter the irreplaceable token sector in the near future, although it will not launch the market, then thought that similar platforms are already for a lot . many.

“We believe we can help brands expand this category to include other uses or other ways of communicating value,” he said.

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Asked about the company’s $ 20 million crowdfunding round since August 2020, in which more than 1,000 Celsius investors have supported the company, Mashinsky said the company was valued at around $ 150 million at the time, and although investors did not , they can currently sell their property, for them it turns out to be a good investment:

“Basically, these 1,000 people earn an average of 25 times their money or something?” They are obviously illiquid, and they will not sell it tomorrow. But we think they are very happy.

Source: CoinTelegraph