Blockchain-powered income and lending app Celsius Network has bagged $30m in a new equity round with Tether, the largest stablecoin issuer with a 90% market share, as its lead investor.

The round was raised at a$120m pre-money valuation and Celsius plans to use the cash injection to grow its community and expand the institutional services it provides worldwide.

The news comes on the back of it launching its funding round with retail broker BnkToTheFuture last week.

The financial services app recently announced over 115,000 active wallet accounts, with over $6.2bn in originated coin loans. The firm manages over $680m in assets and has paid over $17m in interest to its community since launch.

“The crypto community has only a few great projects and we are excited by the investment from Tether International as it will help us deliver [American dollar-based] services to all our users,” said Alex Mashinsky, CEO of Celsius. “We are proud to add Tether International as the first institution to participate in our equity fundraising.”