THE DAILY ENCRYPT

October 3, 2022

2nd Largest Pension Fund in Canada Tied to Celsius Could Be in Trouble – Caisse de Dépôt

A joint investigation by Canadian regulators as well as the SEC over the border into Celsius's demise has been initiated due to the size of...
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A joint investigation by Canadian regulators as well as the SEC over the border into Celsius’s demise has been initiated due to the size of the losses. The financial world continues to feel the effects of Celsius’s collapse.

The Caisse de Depot , Canada’s second largest pension and insurance fund, invested $150 million in Celsius nine month before it filed Chapter 11. The fund could be empty handed.

The Caisse de Depot, which registered net asset of $419.8billion at the end 2021, was one of the two lead investors along with WestCap Venture Capital in Celsius’s $400 million Series B funding round in October 2021. This raise saw the crypto lender reach a valuation of $3 billion.

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“This is something we take very seriously, and we will provide additional comment at the appropriate time. “Climate is currently involved in a complex and time-consuming process,” a spokesperson for the Caisse said Bloombergin August.

The mid-year report of the pension fund, which will outline the extent of the damage, is expected to be released this month.

The Caisse praised the crypto lender at the time of the investment. They were referred to as a “leading global cryptocurrency borrowing and earning platform”.

According to reports, the investment would be used to “expand [Celsius] offerings and products, connecting traditional financial markets with those of cryptocurrencies.”

Since July’s collapse, the Canadian pension fund has likely been less supportive of the crypto lender.

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Celsius’s tragic demise in July 2018 caused financial chaos throughout cryptocurrency and related markets. There was a debt of more than $5.5 billion to creditors and clients.

Due to the large pension fund, the Quebec Autorite des marches financières (AMF), and the Ontario Securities Commission(OSC) began a joint investigation with U.S. Securities and Exchange Commissions (SEC) in order to examine the economic fallout from Celsius’ bankruptcy within their respective territories. The Financial Post.

OSC and AMF are especially interested in information about the number of people who used the lending platform within their respective regions and became victims of financial loss.

Vitalik Ivanov

Vitalik Ivanov

Vitalik is a speaker / journalist. He has spoken and given presentations at many blockchain events across the world. Vitalik is based in the UK, he loves to travel and calls Dubai his "crypto home". Vitalik has enjoyed speaking at blockchain events and has a main focus on CBDC's, NFT's and altcoins. Vitalik says "Everything, and i mean everything will be an NFT one day".
Vitalik Ivanov

Vitalik Ivanov

Vitalik is a speaker / journalist. He has spoken and given presentations at many blockchain events across the world. Vitalik is based in the UK, he loves to travel and calls Dubai his "crypto home". Vitalik has enjoyed speaking at blockchain events and has a main focus on CBDC's, NFT's and altcoins. Vitalik says "Everything, and i mean everything will be an NFT one day".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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