Celsius Network
Company Overview
Celsius Network is a crypto lender that was founded in 2017. The companys business model involves lending money from retail clients to institutions. Celsiuss cryptocurrency, CEL, is used for loans, payments, and loyalty benefits. Celsius Network over $900 million in funding over eight rounds. In October 2021, Celsius raised $400M in a funding round led by WestCap and CDPQ, Canadas second largest pension fund, valuing the company over $3 billion. Celsius filed for Chapter 11 bankruptcy protection in July 2022. The company had frozen customer accounts to prevent withdrawals after crypto prices fell. Celsiuss founder and CEO, Alex Mashinsky, resigned in September. They are expected to exit bankruptcy in early 2024 and give back around $2 billion to customers
Business Model
B2C
Customer Model
Other
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