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Leon is the face of the company’s Israel branch, and is joined by Roni Cohen-Pavon (34), the CRO, during the course of our interview. After the latest round, each co-founder is now worth hundreds of millions of dollars on paper. Leon (47) is the President and COO of Celsius, and co-founded the company in 2017 with CEO Alex Mashinsky, and CTO Nuke Goldstein. “My dream is that people stop asking me why this isn’t a pyramid scheme.” “Now, we have investors who have a lot more to lose than myself, and they’re putting their reputation on Celsius. “That was exactly the point of our round - to kill all doubt,” Leon says. And that’s why it made a point to bring in Canadian pensioners. The company understands all too well that it still needs to prove that its business model is feasible and valid. This issue of high interest rates on deposits that customers don’t even have to pay commission on raises many questions, and puts Celsius on the defensive.
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Its yearly interest rates are between 5%-12% - which are amounts that customers at regular banks can only fantasize about. Celsius doesn’t just keep the money like a bank, it also allows its customers to take out loans, with the cherry on top being a weekly interest rate which those who deposit crypto earn (which Celsius refers to as “rewards”). It has a little over a million customers, who deposit different digital currencies, from Bitcoin (which comprises about 40% of deposits), Ether (which makes up 30%), to SushiSwap.
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In the middle of last year, it managed a billion dollars in crypto. Aside from the cash, the round is meant to serve as a stamp of approval of the company’s legitimacy.Ĭelsius is a sort of bank for cryptocurrencies. But Leon is mainly proud of the fact that that money in the current round didn’t come from crypto investors, but large, established, and solid institutions - a Quebec teacher’s fund and WestCap, an investment fund. Within less than a year that valuation leaped thirty-fold, and the company is happy to talk about how they could have raised more in the current round. The huge round with an exceptional valuation is part of a move that still seems surprising: in July 2020, Celsius raised $30 million at a valuation of a little over $100 million. Two weeks ago, the company completed a $400 million round at a $3 billion valuation. He continues to amass wealth, mainly due to his shares in Celsius. The banker told me more or less: ‘Sir, please leave the bank and be grateful that I’m not going to close your account, you’re lucky.’” They asked questions, I filled out a form, and when I mentioned that crypto was my occupation, they asked me to leave. At the bank, the tellers raised their eyebrows, but moved forward toward finalizing the loan. It was an account in my name, with all my information, and it wasn’t just some unknown number. They asked me how I had so much capital to make a down payment, and I explained that it came directly from my bank account, which I’ve managed for years at Merrill Lynch. “I wanted to put down NIS 1 million (approximately $311,900) in personal capital, and take the rest out in a loan. “I went to my bank’s local branch to take out a loan to buy an apartment,” he told Calcalist in an interview. Daniel Leon (Right) and Roni Cohen-Pavon.