KuCoin leads $10M funding for Chinese yuan stablecoin issuer
Circle’s investment arm has joined a funding round for CNHC, the issuer of the eponymous stablecoin pegged to the offshore yuan. The investment arm of major cryptocurrency exchange KuCoin is moving to support new Stablecoin initiatives by backing a Chinese yuan-pegged Stablecoin issuer . KuCoin Ventures has led a $10 million investment into stablecoin issuer and blockchain-based payment service provider known as CNHC. Announcing the news on March 16, KuCoin Ventures said that the funding round included some prominent industry investors, including KuCoin’s investor IDG Capital and Circle Ventures, the investment arm of the USD Coin (USDC) issuer, Circle. KuCoin chief investment officer and KuCoin Ventures lead Justin Chou told Cointelegraph that the new investment in CNHC is the first time for KuCoin Ventures to invest in a stablecoin -related project. “KuCoin is always interested in building a stronger infrastructure for the financial system,” Chou said, adding that the world is like...