Tether leads a $15 million investment round for a decentralized financial technology (DeFi) project
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Answer Tether leads a $15 million investment round for a decentralized financial technology (DeFi) project
Celsius, a decentralized financial technology (DeFi) venture, announced yesterday that Tether – which operates the largest stablecoin in the crypto market (USDT) – is the lead investor in its funding round.
Celsius Network is a lending platform that uses the Ethereum blockchain, has managed over $680 million and has paid out over $17 million in returns to active wallet holders.
Tether is the lead investor in a funding round and invested $10 million, which was not available to the public at the time.
Tether is the sister company of cryptocurrency exchange Bitfinex and Tether operates a dollar-pegged stablecoin, also referred to as USDT, of which it has issued more than $9 billion.
Read:One satoshi is currently worth more than 7 national currencies
Tether has made an investment in Celsius, while Celsius has not disclosed the names of other investors.
stated Alex Mashinsky, CEO of Celsius, in his statement on the funding round:
We are excited about the investment from Tether that will help us provide USDt-based services to all of our users.
We are proud to add Tether International as the first organization involved in our fundraising.
An additional $5 million has been allocated to eligible investors, who can purchase shares for a minimum of $1,000 through BnkToTheFuture, an investment crowdfunding platform with more than 85,000 users, similar to the Kickstarter funding platform.
What after the Tether investment step?
Investing in DeFi from Tether is not unusual or new as Tether had already invested in Aave last March, a decentralized finance lending platform that offers fast loans.
Quick loans give users access to unsecured loans, which means that they can be used to raise a lot of money very quickly.
But Tether has a controversial history, and is currently under investigation by the New York attorney general, who claims that sister company Bitfinex used money from Tether reserves to cover up an estimated $850 million financial loophole.
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Read also:
Coinbase announces the inclusion of a number of DeFi currencies on its platform
More than $420 million worth of Ethereum is locked into DeFi platforms
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