The venture arm of the KuCoin cryptocurrency exchange led a financing round for the issuer of stablecoin CNHC, pegged to the offshore yuan. CoinDesk reports.
The project raised $10 million, with Circle Ventures and IDG Capital among the other participants.
“This investment in CNHC is part of KuCoin Ventures’ broader strategy to invest in Web3 infrastructure in the Asia-Pacific region,” said Justin Chow, the company’s chief investment officer.
He also noted that Hong Kong’s crypto-friendly policy gives it a real chance to become the new global crypto hub.
CNHC is issued on the Ethereum and Conflux networks. According to on-chain data, the first network counts 23 holders of the ‘stablecoin’ and 102 transfers; the second — 607 and 1,489 respectively.
“CNHC represents a practical alternative for companies and users seeking options beyond the U.S. regulatory framework,” said Fan Long, co-founder of Conflux.
Earlier in March, the New York State prosecutor filed a lawsuit against KuCoin for alleged securities-law violations. According to the prosecutor, the company distributed unlicensed tokens and ‘misrepresented itself as an exchange’.