TechFlow News, according to The Block, CNHC Group, the issuer of the CNHC stablecoin pegged 1:1 to the offshore Chinese yuan, has raised $10 million. The crypto investment firm said Wednesday that KuCoin Ventures led the round, with other investors including Circle and IDG Capital.
Joy Cham, co-founder of CNHC, told The Block this was an A+ equity financing round. Cham said CNHC began raising funds in March last year and concluded the round in August, adding that the company had previously "raised tens of millions of dollars over the past two years," without disclosing exact figures.
The CNHC stablecoin launched in 2021 for use cases such as remittances and cross-border trade settlements. According to Cham, it is currently issued on the Ethereum and Conflux blockchains, with a total supply of approximately 15 million tokens (worth about $2 million). Tether's CNHT currently has a total supply of around 20 million tokens.
With the new funding, CNHC aims to expand adoption of its stablecoin, particularly across the Asia-Pacific region. To support this goal, the company is relocating its headquarters from the Cayman Islands to Hong Kong, Cham said.Original link
