Stablecoin issuer CNHC raises $10 million in funding led by KuCoin Ventures
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 Ventures and IDG Capital. This was a Series A+ equity funding round, CNHC co-founder Joy Cham told The Block.
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 (worth roughly $2 million), according to Cham. Tether's CNHT's current total supply is about 20 million tokens. 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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