CNHC groupthe issuer of the stablecoin backed by the offshore yuan CNH Coinhas raised 10 million dollars in a financing round led by KuCoin Ventures.
This Wednesday, the Hong Kong-based company behind the stable digital token CNHC (CNH Coin) has announced that it has completed a series A+ at the VC branch of the Seychelles exchange KuCoin.
The American stablecoin issuer Circle and the venture capital company IDG Capital also took part in the fundraisingaccording to a release.
Currently launched on the Ethereum and Conflux networks, the CNHC stablecoin now has a tiny market capitalization (less than $1 million, according to CMC). Its price follows the value of the offshore yuana currency created in 2010 by the China aimed at “internationalizing” its currency.
The investment in CNHC is part of KuCoin Ventures’ broader strategy of investing in the APAC region’s web3 infrastructure. Hong Kong offers a well-established traditional financial ecosystem. With the regulation and new policy for digital assets, Hong Kong can become the new global crypto hub,” said Justin Chou, director of KuCoin Ventures.
Last year, the Hong Kong government announced it was setting up a environment favorable to the crypto. And despite the dramatic collapse of FTX in November, the City-State still wants to become a global hub for this new industry.
Lately, Bloomberg reported that Peking seemed to see the former British colony as a “testing ground” for crypto.
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