Crypto-lending firm Celsius Network expanded its $ 400 million Series B round to $ 750 million in October as a result of an oversubscription of the company’s capital increase.

The company is now valued at $ 3.5 billion after the raise, and CEO Alex Mashinsky told Cointelegraph that he expects that number to “double or triple” over the next year, a value between 7 and 10, $ 5 billion

The company previously closed the round on Oct. 12 amid a period of intense scrutiny of crypto lending firms by local regulators. Celsius CEO Alex Mashinsky emphasized at the time that “it’s not $ 400 million. It’s the credibility that comes with the people who wrote those checks. ”

In an announcement shared with Cointelegraph on November 25th, Celsius announced that new funds will be used to expand into new markets and product offerings, as well as to build the recently announced “CelsiusX” bridging project from centralized finance (CeFi) to decentralized finance (DeFi) .

Celsius will also provide funding to enhance the “usefulness of its platform” and its commitment to sustainable Bitcoin (BTC) mining.

Speaking to Cointelegraph about the $ 750 million round of funding, Mashinsky said the fact that the round was oversubscribed was a “very good sign” of the strength of the Celsius brand, which he believed was user-centric.

“If you think about what we do, which is paying the return to the community, we have paid over $ 1 billion to our community and that return is essentially what we get from stock exchanges and institutions. And most of our competitors […] They charge the customers fees and give all that money to their shareholders, ”he said.

Celsisus earlier this week outlined plans to invest an additional $ 300 million in scaling its BTC mining operations in North America, increasing total spending for the sector to $ 500 million.

Mashinsky attributed his bullish estimate of the Celsius value in 2022 to the company’s ability to provide services in almost all crypto sectors and highlighted the company’s growth potential:

“I think it’s worth many times what we’ve invested. In between and the growth of our core business, you know, the yield business, the lending business or the mining business, the DeFi business, all of these things are of course huge. “

Celsius’s CEO also pointed to the $ 115 million acquisition of crypto-custody platform GK8 earlier this month, announcing that the company has plans to enter the NFT sector in the near future, although it does not Marketplace Will Open As He Believes There are already too many similar platforms out there.

“We believe we can help expand the category to other use cases or other ways to add value to brands,” he said.

Related: Crypto Lending Firms On The Hot Seat: Are New Regulations Coming?

When asked about the company’s $ 20 million crowdfunding round in August 2020, in which more than 1,000 investors from the Celsius community supported the company. Mashinsky said the company was valued at around $ 150 million at the time, and while investors are currently unable to sell their holdings, it has turned out to be a handsome investment for them:

“Basically, these 1,000 people made 25 times their money on average, or something like that? Obviously it’s not liquid, you can’t sell it tomorrow. But we think they are super happy. ”

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