KuCoin Ventures, the venture arm of crypto exchange KuCoin, has announced it has led a funding round for the issuer of the stablecoin CNHC, pegged to the value of the offshore yuan.
The project has raised $10 million, with additional investments from other participants such as Circle Ventures and IDG Capital.
Speaking of the investment, Justin Chow, chief investment officer of KuCoin Ventures, has said that it is part of the company’s strategy to invest in Web3 infrastructure in the Asia-Pacific region, and that Hong Kong has an opportunity to become the global crypto center due to its digital asset-friendly policies.
CNHC is available on the Ethereum and Conflux networks and according to on-chain data, the former has 23 stablecoin holders and 102 transfers, while the latter has 607 and 1489, respectively.
Co-founder of Conflux, Fan Long, has commented that CNHC provides a practical alternative for companies and users looking for options outside of the US regulatory framework.