Cryptocurrency lending platform Celsius Network has raised $400 million in a new equity funding round amid United States regulators increasingly cracking down on crypto lending.

Announcing the news on Tuesday, Celsius noted that the latest funding was led by Canada’s second-largest pension fund, Caisse de dépôt et placement du Québec (CDPQ), and WestCap, an equity firm established by former Airbnb executive Laurence Tosi.

Celsius CEO Alex Mashinsky expressed hope that the new fundraising would help the industry reassure regulators about the stability of his crypto lending business and expand it across mainstream financial markets. “It’s not $400 million. It’s the credibility that comes with the people who wrote those cheques,” he said in an interview with the Financial Times on Tuesday.

This story is developing and will be updated.

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