Fastest News Updates around the World

CNHC Secures $10 Million in Series A+ Funding Round

1

- Advertisement -

The CNHC stablecoin issuer, CNHC Group, has raised $10 million in Series A+ funding. KuCoin Ventures, a crypto investment firm, let’s move on.

Intensify web3 investments

KuCoin Ventures led a Series A+ equity financing round with other investors, including IDG Capital and Circle Ventures. Justin Chu, KuCoin Chief Investment Officer and Leader at KuCoin Ventures, mentioned that the investment was part of Kucoin Venture’s larger strategy to invest in web3 in the APAC region.

He also stated that Hong Kong has a strong financial ecosystem and that when new regulations and policies for next-generation digital assets are implemented, the city-state can become the crypto hub of the world.

CNHC’s funding round has been active since last March and closed in August, according to its founder, Joy Cham. He added that the company has raised millions of dollars in the past two years. However, he did not disclose the amount in detail.

The $10 million fund will allow CNHC to develop its own stablecoin, especially in Asia. Hence, the company plans to move its headquarters from the Cayman Islands to Hong Kong.

Hong Kong attracts cryptocurrency platforms

Sham said the company wants to be part of the infrastructure and infrastructure of Hong Kong’s web3 ecosystem. In addition, CNHC will list the stablecoin on more centralized and decentralized exchanges and grow its services on and off ramps.

(embed) https://www.youtube.com/watch?v=PJeUzfGETE8 (/embed)

To achieve this purpose, the company wants to grow its team of around 60 people. It is looking to recruit across functions such as Compliance, Operations and Business Development.

Meanwhile, KuCoin Ventures revealed its $10 million investment in Conflux early last year. Notably, Conflux also raised an additional $10 million from DWF Labs.

Hong Kong recently stated its ambition to become a cryptocurrency hub by lifting the ban on retail cryptocurrency trading. Paul Chan, Financial Secretary for Hong Kong, stated that he will form and lead a task force to work on developing virtual assets to achieve responsible and sustainable development for the sector.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. AcceptRead More