According to Deep Trend TechFlow news, The Block reported that CNHC Group, the issuer of the CNHC stablecoin linked to the offshore RMB 1:1, raised US$10 million in funding. The cryptocurrency investment firm said on Wednesday that KuCoin Ventures led the deal. Other investors include Circle and IDG Capital.
CNHC co-founder Joy Cham told The Block that this is an A+ equity financing round. CNHC began raising funds last March and closed in August, Cham said, adding that the company had previously raised "tens of millions of dollars over a span of two years," without disclosing the amount.
It is reported that the CNHC stablecoin will be launched in 2021 and will be used for use cases such as transfers and cross-border trade settlement. According to Cham, it is currently issued on the Ethereum and Conflux blockchains, with a total supply of approximately 15 million tokens (worth approximately $2 million). Tether’s CNHT currently has a total supply of approximately 20 million tokens.
With the new funding, CNHC aims to expand the adoption of its stablecoin, especially in the Asia-Pacific region. To that end, the company is moving its headquarters from the Cayman Islands to Hong Kong, Cham said. Original link
