Crypto lending platform Celsius probably won't get help from investors - WSJ

Cryptocurrency lending platform Celsius Network is not expected to receive funding from investors as it struggles to meet its obligations to depositors, people familiar with the matter told the Wall Street Journal on Thursday. Specifically, Canadian pension fund Caisse de dépôt et placement du Québec and growth equity firm WestCap Group likely won't support the troubled lender, the people said, as reported by the WSJ. In 2021, WestCap and Caisse de dépôt led a $750M Series B round for Celcius, valuing the company at over $3B. “Few are feeling OK about things,” one person told the WSJ. In reference to the investment in Celsius, “there was more risk in this than fully appreciated.” As the crypto bear market sets in, the Celsius meltdown was triggered after the crypto startup froze all customer withdrawals, swaps and transfers. It offers exceptionally high annual yields to incentivize users to deposit crypto on its platform. Celsius uses