KuCoin Ventures, one of the venture firms of the KuCoin crypto exchange, announced that it had provided $10 million in funding to the issuer of the CNHC stablecoin pegged to the Yuan Offshore. Circle Ventures and IDG Capital participated in the investment round.
CNHC Stablecoin Received $10 million in Funding from KuCoin Ventures
The CNHC, known by the abbreviation CNH, is pegged 1:1 to the offshore yuan. However, it is very different from the Chinese onshore yuan, known as CNY. CNH’s reserves are held in a Hong Kong custodian.
“This investment in CNHC is part of KuCoin Ventures’ broader strategy of investing in the Web3 infrastructure in the APAC region. Hong Kong has a well-established traditional finance ecosystem. With the regulation and new policy for next-generation digital assets, Hong Kong has a real opportunity at becoming the new crypto center of the world.”Justin Chou, chief investment officer of KuCoin and lead at KuCoin Ventures
Here is the CNHC data issued by Ethereum and Conflux:
- For Ethereum: 23 token holders and 102 transfers
- For Conflux: 606 token holders and 1487 transfers
Comparing the data, it is easy to see that Conflux has an overwhelming advantage. Conflux co-founder Fan Long cited the company’s regulatory compliance in China as the reason for this. Thus, Conflux has the majority of the trading volume.
“The significance of CNHC stems from its capacity to connect traditional financial systems with the emerging Web3 landscape, especially amid heightened regulatory scrutiny in the USA. Presents a practical alternative for businesses and users in search of compliant options beyond the U.S.-centric regulatory framework.”Fan Long