Hey friends 👋
Those of you who follow me on twitter may know that I am located in Quebec, Canada. You may also know that I am a big fan of Celsius! Given these two facts you can imagine my excitement when I read the news that Canada’s second-largest pension fund, la Caisse de dépôt et placement du Québec (CDPQ), participated, alongside private equity firm Westcap, in a $400m fundraising round for Celsius Network 😲
The bullish nature of this news can not be understated. In an interview with Financial Times, Celsius' CEO Alex Mashinsky said
“It’s not the $400m. It’s the credibility that comes with the people who wrote those cheques,” Mashinsky said.
And he's right. We're talking about a high level of confidence being placed in cryptocurrency as an investment 🙌 And furthermore, in Celsius' business. It also means that the likelihood Celsius will be targeted by Canadian regulators will decrease 🤞
The official statement on the CDPQ website reads as follows:
"WestCap and CDPQ believe Celsius is a world-class business in size and scope, and will continue to be the leader at the forefront of the industry in regard to innovation and regulatory acceptance,” said Laurence A. Tosi, Founder and Managing Partner at WestCap. “While the current regulatory attention is new, Alex Mashinsky and Celsius’ ethos has long echoed the sentiment regulators are trying to put forth in terms of consumer protections. Celsius is committed to working constructively with regulators to better understand the dynamic crypto space, protect retail customers from fraud and undue risk, and create general consumer knowledge to allow for thoughtful investment decisions."Blockchain technology has the potential to disrupt several sectors of the traditional economy. As digital assets grow in adoption, we intend to capture the right opportunities, while working with our partners towards a regulated industry,” said Alexandre Synnett, Executive Vice-President and Chief Technology Officer at CDPQ. “Celsius is the world’s leading crypto lender with a strong management team that puts transparency and customer protection at the core of their operations. CDPQ and WestCap are eager to partner with them to share our expertise in the FinTech sector as they continue to expand their services.”
Couple this news with the recent change to Celsius' reward token $CEL's monetary policy, in which they introduced a burn mechanism making the already hard-capped coin, deflationary (more on that here), and I see Celsius having a bright future 🌅
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So, what do you think? Are you bullish on Celsius' business? Are you bullish on CEL token? Does institutional buy-in make you feel more confident in crypto investing? Comment below, tip, like, and check out my referrals to see if any interest you.
Until next time 👋
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