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Celsius Network LLC, embattled crypto lending firm, is likely to fight its financial battles alone as multiple reports reaching WSJ suggest the loan company would probably not get any funding from two of its biggest investors.
CDPQ and Westcap Group led a $400 million Series B for Celsius
Quebec-based Pension Fund giant Caisse de depot et placement du Quebec (CDPQ), and American Investment Firm Westcap Group both collectively led a $400 million Series B funding program for the Celsius Network in October of last year. The fund was later expanded to $750 million a month after.
Upon the conclusion of the Series B, Celsius rose to a valuation of $3.25 billion. However, reports from industry players with knowledge of the matter have suggested that more financing from these investors in an attempt to bail the crypto lender from its sinking state is not to be expected.
One of the sources noted a sense of more risk than was expected as a primary reason for the investors’ backout which, of course, is fully understandable given the lender’s state of things and how the ongoing crisis has been handled of late.
Celsius holds a delicate position
Celsius Network has for some time now been battling an impending economic downturn that has threatened the very nature of the firm even though they have failed to admit it.
