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- 1 Chinese police detained companies backing the yuan-backed CNHC stablecoin and TR employees.
- 2 HKDC (HKD Coin) and CNHC (CNH Coin) are stablecoins pegged in a ratio of 1:1 to the fiat currency.
The Chinese police have arrested Trust Reserve(TR) employees. They have also detained some of the companies backing the yuan-backed CNHC stablecoin. As per a report from PANews, a local Chinese news organization, the Trust Reserve’s internal team was arrested on May 29.
HKDC (HKD Coin) and CNHC (CNH Coin) are stablecoins that are owned by Trust Reserve, with the former being pegged to the value of the Hong Kong dollar, and the latter tied to the offshore yuan. It claims to build a bridge from this world to the world of Web3.
Seizure of Reserve Employees
Trust Reserve’s employees were apprehended by Shanghai police at noon on May 29 and their family members were notified about the same.
It was reported that PANews entered the company’s office building in Pudong, Shanghai, and discovered that the office was deserted. The door had a notice which stated, “Judicial Seizure, Strictly No Vandalism,” and it was undersigned by officials.
Although, the company’s regular currency business is not functioning at a larger scale, it excels at cross-border payment business.
In March this year, TR secured US$10 Million in Series A+ financing. Kucoin Ventures headed the round with IDG Capital and Circle being some of the other notable investors .
CNHC co-founder Joy Cham talked about the series A+ equity funding round. It began raising the game last March and shut it down in August. He says, “tens of millions of dollars in the last two years,” without precisely stating the actual amount.
This process aimed to fatten the stablecoin adoption of its company. The target was mainly in the Asia-Pacific region. In a headed direction, the company is accelerating its main branch from the Cayman Islands to Hong Kong.
It also plans to expand its team by hirings new members for operations, conformity, and business development.
CNHC Day Frame Statistics
As of writing time, the market cap of CNHC was $698,046, with a market cap of 47.97%. The volume of the last 24 hours was $334,294, ranking it at the 1236th position. The current price is $0.1398, with a 0.54% bearish trend in the previous 24 hours.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
