CNHC Group, the issuer of the CNHC stablecoin that is pegged to the offshore Chinese yuan, raised $10 million in funding.
KuCoin Ventures led the funding, with Circle and IDG Capital participating.Connect/Create WalletNo wallet? No problem. You can set one up for free. We recommend Torus for first-time users.CNHC Group, the issuer of the CNHC stablecoin that is pegged 1:1 to the offshore Chinese yuan, raised $10 million in funding.
KuCoin Ventures led the deal, the crypto investment firm said Wednesday. Other investors included Circle and IDG Capital. This was a Series A+ equity funding round, CNHC co-founder Joy Cham told The Block. CNHC began raising the round last March and closed it in August, Cham said, adding that the company has previously raised"tens of millions dollars in the time span of last two years," without disclosing an amount.
The CNHC stablecoin was launched in 2021 for use cases including money transfers and cross-border trade settlements. It is currently issued on the Ethereum and Conflux blockchains, and its total supply is around 15 million tokens , according to Cham.With the fresh funding, CNHC aims to grow the adoption of its stablecoin, especially in the Asia Pacific region. To that end, the company is moving its headquarters to Hong Kong from the Cayman Islands, Cham said.
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