CNHC Group has raised a total of $10 million in the Series A financing round led by KuCoin’s investment arm, KuCoin Ventures. Investors included KuCoin Ventures, as well as one of the exchange’s investors IDG Captial and stablecoin issuer Circle (USDC). Currently active on the Ethereum (ETH) and Conflux (CFX) blockchains, CNHC is a stablecoin project pegged 1:1 to the Chinese Yuan.
Joy Cham, co-founder of CHNC Group, stated that they launched the stablecoin project about two years ago. Drawing attention to the stable structure and limited risk of CNHC, Cham said that they were still somewhat affected by the recent banking crashes. Cham also said that the stablecoin, which is currently only listed on TruBit Pro, will soon be listed on other centralized and decentralized exchanges.
Justin Chou, Chairman of KuCoin Ventures, told the press on the subject that the investment, which they described as part of a strategy they established to develop Web3 infrastructure in the Asia Pacific region, is the company’s first investment in a stablecoin project. Noting that Hong Kong is a well-established financial center, Chou added that the city has real potential to become the new crypto center of the world.