KuCoin Invests in Offshore Yuan-Based Stablecoin Issuer

The venture arm of crypto exchange KuCoin has led a funding round for the issuer of the stablecoin CNHC, pegged to the value of the offshore yuan. This is reported CoinDesk.

The project raised $10 million. Other participants include Circle Ventures and IDG Capital.

“This contribution to CNHC is part of KuCoin Ventures’ broader strategy to invest in Web3 infrastructure in the Asia-Pacific region,” Justin Chow, chief investment officer of the company, said in a statement.

He also noted that with its digital asset-friendly policy, Hong Kong has “a real opportunity to become the new global crypto center.”

CNHC is issued on the Ethereum and Conflux networks. According to on-chain data, the first has 23 stablecoin holders and 102 transfersin the second – 607 and 1489 respectively.

“CNHC provides a practical alternative for companies and users looking for options outside of the US regulatory framework,” said Fan Long, co-founder of Conflux.

Recall that in March, the New York State Attorney’s Office filed a lawsuit against KuCoin for violating securities laws. According to the prosecutor, the company distributed unlicensed tokens and “falsely presented itself as an exchange.”

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