- Funding round led by KuCoin Ventures
- Raised funds are used to popularize the token
- CNHC plans to increase its team
The CNHC Group, which is the issuer of the CNHC stablecoin, attracted $10 million in Series A+ funding.
The main investor was the crypto investment company KuCoin Ventures. Circle Ventures and IDG Capital also took part in the funding round. CNHC uses the attracted investments to expand the use of its stablecoin.
CNHC started raising funds a year ago. Co-founder Joy Cham said the firm has raised tens of millions of dollars over the past 2 years, but did not give an exact amount. He added:
“CNHC wants to be part of the foundation and infrastructure of the Hong Kong web3 ecosystem. The company will try to list the stablecoin on centralized and decentralized exchanges, as well as expand deposit and withdrawal services. We also plan to increase headcount and hire employees in a variety of roles, including operations, compliance and business development.”
The CNHC stablecoin, which is pegged to the Chinese yuan, was launched in 2021 for use in areas such as money transfers and international trade settlements. It is currently issued on the Ethereum and Conflux blockchains and has a total supply of around 15 million tokens ($2 million)