Benzinga - CNHC Group, the creator of the CNHC stablecoin that is linked 1:1 to the offshore Chinese yuan, has successfully raised $10 million in a Series A+ equity funding round.
Leading the investment was KuCoin Ventures, a cryptocurrency investment firm, alongside Circle Ventures and IDG Capital.
According to Joy Cham, co-founder of CNHC, the stablecoin firm had been raising funds since last March, closing the round in August, The Block reported.
Launched in 2021, the CNHC stablecoin has a total supply of around 15 million tokens, currently worth roughly $2 million, and is used for money transfers and cross-border trade settlements.
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Cham revealed that CNHC's aim is to increase the adoption of its stablecoin, particularly in the Asia Pacific region.
To achieve this, the firm is relocating its headquarters from the Cayman Islands to Hong Kong, which recently announced its desire to become a cryptocurrency hub.
CNHC intends to be part of the infrastructure of the Hong Kong web3 ecosystem and plans to list the stablecoin on more centralized and decentralized exchanges while expanding its on- and off-ramp services.
The company also intends to hire more employees across several functions, including compliance, operations, and business development.
KuCoin Ventures also disclosed its $10 million investment in Conflux, a Layer 1 blockchain developer, which it made in early 2021.
Last week, the KuCoin cryptocurrency exchange was sued by New York State Attorney General Letitia James for being an unregistered commodities and securities broker or dealer in the state.
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