Stablecoin Issuer CNHC (Offshore Chinese Yuan) Raises $10 Million, Led by KuCoin Ventures

Reported The Block, CNHC Group, a stablecoin issuer that launched the $CNHC stablecoin pegged 1:1 to the offshore Chinese yuan, has raised $10 million in Series A+ funding. The funding round was led by KuCoin Ventures, a crypto investment firm, with participation from Circle and IDG Capital.

The $CNHC stablecoin is issued on the Ethereum and Conflux blockchains.

With the fresh funding, $CNHC plans to list the stablecoin on more centralized and decentralized exchanges, expand its on- and off-ramp services, and increase its team by hiring across functions, including operations, compliance, and business development. Cham said that $CNHC wants to become "part of the foundation and infrastructure in Hong Kong web3 ecosystem," and as such, will move its headquarters to Hong Kong from the Cayman Islands.

This move aligns with Hong Kong's recent announcement to become a crypto hub by lifting a ban on retail crypto trading. Hong Kong's financial secretary Paul Chan has also reportedly established and will lead a task force on "virtual-asset development," to provide recommendations on the sustainable and responsible development of the sector.