KuCoin backs stablecoin issuer based on the Chinese yuan, closing a funding round bringing in $10 million

KuCoin abandons New York after costly settlement, but won't allow Ethereum to be classified as collateral

The investment arm of Seychelles-registered exchange KuCoin, is getting involved in the stablecoin project. Together with Circle they decided to support the peg-based coin initiative against the Chinese yuan.

KuCoin Ventures with new investment

On Wednesday, March 15, KuCoin Ventures announced the completion of a $10 million funding round to support a stablecoin issuer based on the Chinese yuan – CNHC. It was also made public that the investment round included a number of key industry investors, which included KuCoin IDG Capital and Circle Ventures. The latter is the investment arm of a USDC issuer like Circle.

As reported by Justin Chou, KuCoin’s chief investment officer and leader of KuCoin Ventures, this is the first time KuCoin representatives have taken an interest in a stablecoin project. In doing so, he pointed out the essence of the action taken, saying:

“KuCoin is always interested in building a stronger financial system infrastructure.”

According to him, the world will soon see even more stablecoins based on real assets.

“To ensure the stability of the financial market, stablecoin designers need to strike a balance between excessive collateralization and efficiency. We are happy to see more stablecoins based on algorithms, but they need to prove their resilience.”

Investment to support Web3 infrastructure in Asia-Pacific region

Earlier this year, KuCoin invested $10 million in a Chinese blockchain project known as Conflux. It has also not escaped the attention of the platform’s decision-makers that Hong Kong enjoys a well-developed ecosystem of traditional finance. For this reason, it is seen by many market observers as a potential new center of the cryptocurrency world. The new policy on the sector’s activity in a region of the world, can certainly contribute to this. The investment in CNHC is therefore a confirmation of KuCoin’s mission to support the development of Web3 infrastructure in both Asia and the Pacific.

CNHC already has some history

As reported by CNHC co-founder Joy Cham, his project has been on the market for nearly 2 years. So far, it has not gained much popularity, and its development seems to have been quite slow. This has certainly been influenced by the policies of the Chinese authorities, aimed at restricting the cryptocurrency market, within the country. So far, CNHC has lived to list on one centralized exchange, which is TruBit Pro. However, as Cham reports, this will improve dramatically in the near future.

Disclaimer: Blockbulletin does not take accountability of investments based on the information of the website. We highly advice readers to make extensive research prior to any invest

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