Kucoin Heads a $10 Million Financing Round for a Chinese Yuan Stablecoin Issuer

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Last Updated on March 16, 2023 by Bitfinsider

KuCoin’s investment wing is stepping up to support new stablecoin projects by supporting a Chinese yuan-pegged stablecoin producer.

CNHC, a stablecoin issuer and blockchain-based payment service supplier, has received a $10 million financing from KuCoin Ventures.

KuCoin Ventures announced the news on March 16, saying that the financing round included some notable industry investors, including KuCoin’s backer IDG Capital and Circle Ventures, the investment branch of USD Coin issuer Circle.

According to Justin Chou, KuCoin’s chief investment officer and KuCoin Ventures lead, the new venture in CNHC is the first time KuCoin Ventures has invested in a stablecoin-related initiative.

“KuCoin is always interested in strengthening the financial system’s infrastructure,” Chou said, adding that the world will likely see more real-world asset-backed stablecoins in the near future.

According to Chou, the investment in CNHC represents KuCoin Ventures’ strategy of supporting Web3 infrastructure in the Asia-Pacific area. According to the statement, KuCoin Ventures will also invest $10 million in Conflux, a Chinese blockchain initiative, in early 2022. With new laws and policies for digital assets, Hong Kong has a well-established conventional financial environment and a “real chance at becoming the new crypto capital of the world,” according to Chou.

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