CNHC Group, the CNHC stablecoin issuer, has raised $10 million in Series A+ funding. KuCoin Ventures, a crypto investment firm, let the round.
Ramping up web3 investments
KuCoin Ventures led the Series A+ equity funding round with other investors, including IDG Capital and Circle Ventures. Justin Chou, a chief investment officer of KuCoin and lead at KuCoin Ventures, mentioned that the investment was part of Kucoin Venture’s bigger strategy to invest in web3 in the APAC region.
He also stated that Hong Kong has a solid financial ecosystem and that when regulations and new policies for next-generation digital assets are implemented, the city-state can become the world’s crypto hub.
The CNHC funding round was active since last March and closed in August, according to the founder, Joy Cham. He added that the company had amassed millions of dollars in the last two years. However, he did not disclose the amount in detail.
The $10 million fund will allow CNHC to develop its stablecoin, especially in Asia. Hence, the company plans to shift its headquarters from the Cayman Islands to Hong Kong.
Hong Kong is attracting crypto platforms
Cham said the company wants to be part of the Hong Kong web3 ecosystem foundation and infrastructure. In addition, CNHC would list the stablecoin on more centralized and decentralized exchanges and grow its on- and off-ramp services.
The company, to that effect, wants to grow its team of about 60 people. It is looking to hire across functions such as compliance, operations, and business development.
Meanwhile, KuCoin Ventures disclosed its $10 million investment in Conflux early last year. Notably, Conflux also raised an additional $10m from DWF Labs.
Hong Kong stated its ambition recently to become a crypto hub by lifting the retail crypto trading ban. Paul Chan, Hong Kong’s financial secretary, mentioned that he would create and lead a task force to work on virtual-asset development to bring about responsible and sustainable sector development.