The damage caused by Celsius prompted a joint investigation between Canadian and US regulators.
Canada’s second-largest pension and insurance fund, Caisse de Dépôt, invested $150 million in Celsius nine months before the company went into Chapter 11 bankruptcy.
Caisse de Dépôt has registered net assets totaling $419.8 billion by the end of 2021, as one of the top two investors alongside venture capital firm WestCap in a $750 million Series B funding round of Celsius in October 2021, huge fundraising that helped Celsius be valued at $3.25 billion.
At the time of the investment, Caisse de Dépôt heaped praise on Celsius, seeing the company as the leading global crypto lending platform. The investment is supposed to be used to expand services and products, connecting traditional capital markets with crypto markets.
However, when everything fell apart too quickly and the lending platform fell into insolvency with a loss of $1.2 billion, Caisse de Dépôt was at risk. The pension fund is expected to issue a report in due course to outline the extent of the damage.
Given the size of Caisse de Dépôt’s extensive damage, the Ontario Securities Commission (OSC) has begun a joint investigation with the US Securities and Exchange Commission (SEC) to shed light on the economic downturn of Celsius within the respective territories of Canada.
The OSC declined to comment on Celsius.
“As a matter of general policy, the OSC is unable to confirm or comment on the existence, status or nature of any complaint, review or investigation.”
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Celsius Is Now In The Sight Of Canadian Watchdogs
The damage caused by Celsius prompted a joint investigation between Canadian and US regulators.
Canada’s second-largest pension and insurance fund, Caisse de Dépôt, invested $150 million in Celsius nine months before the company went into Chapter 11 bankruptcy.
Caisse de Dépôt has registered net assets totaling $419.8 billion by the end of 2021, as one of the top two investors alongside venture capital firm WestCap in a $750 million Series B funding round of Celsius in October 2021, huge fundraising that helped Celsius be valued at $3.25 billion.
At the time of the investment, Caisse de Dépôt heaped praise on Celsius, seeing the company as the leading global crypto lending platform. The investment is supposed to be used to expand services and products, connecting traditional capital markets with crypto markets.
However, when everything fell apart too quickly and the lending platform fell into insolvency with a loss of $1.2 billion, Caisse de Dépôt was at risk. The pension fund is expected to issue a report in due course to outline the extent of the damage.
Given the size of Caisse de Dépôt’s extensive damage, the Ontario Securities Commission (OSC) has begun a joint investigation with the US Securities and Exchange Commission (SEC) to shed light on the economic downturn of Celsius within the respective territories of Canada.
The OSC declined to comment on Celsius.
“As a matter of general policy, the OSC is unable to confirm or comment on the existence, status or nature of any complaint, review or investigation.”
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Harold
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