Due to the oversubscription of the company’s raised funds, the crypto lending company Celsius Network has expanded its $400 million Series B financing from October to $750 million.

After the salary increase, the company is now worth $3.5 billion. CEO Alex Masinski told Cointelegraph that he expects this number to “double or triple” next year, which will make it worth $7. Between B and $10.5B

The company previously closed the round of financing on October 12 Close scrutiny Encrypted loan company from local regulators.Celsius CEO Alex Masinsky It was emphasized at the time that “this is not $400 million. This is the credibility of the people who issued these checks.”

In an announcement shared with Cointelegraph on November 25, Celsius outlined that the new fund will be used to expand new markets and products, while establishing the most recent Announce The bridge project “CelsiusX” from Centralized Finance (CeFi) to Decentralized Finance (DeFi).

Celsius will also allocate funds to improve “the utility of its platform” and its commitment to sustainable Bitcoin (BTC) mining.

When talking about the US$750 million financing with Cointelegraph, Mashinsky said that the fact that this round of oversubscription shows that the strength of the Celsius brand is “very good,” and he said that the brand is user-centric.

“If you think about what we do, which is to pay revenue to the community, you know, we paid more than $1 billion to the community, and we basically get revenue from exchanges and institutions. And most of our competitors […] They charge fees from customers and give all this money to their shareholders,” he said.

Celsius Overview Earlier this week, it planned to invest another US$300 million to expand its BTC mining business in North America, reducing its total Spending in this department To 500 million U.S. dollars.

Mashinsky attributed his optimistic estimate of the value of Celsius in 2022 to the company’s ability to provide services in almost all areas of encryption, as he emphasized the growth potential of the business:

“I think on its own, its value is several times that of our investment. So between this and the growth of our core business, you know, income business, loan business or mining business, DeFi business, all of which are obviously All are huge.”

Celsius CEO also mentioned the acquisition of crypto custody platform GK8 for US$115 million Start This month, it was revealed that the company plans to enter the NFT field in the near future, although it will not be launched on the market because he thinks there are already too many similar platforms.

“We think we can help expand the category to other use cases or other ways, you know, to unlock value for the brand,” he said.

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Questioned the company’s $20 million Crowdfunding round Starting in August 2020, more than 1,000 investors from the Celsius community have supported the company. Mashinsky said that the company was valued at about US$150 million at the time. Although investors are currently unable to sell their shares, it turns out that this is a considerable investment for them:

“Basically, what is the average income of these 1,000 people, 25 times their money or something? Obviously, it is not mobile and they cannot sell it tomorrow. But we think they are very happy.”