South Korean listed company ITCEN Global raises 40 billion won to expand its Web3 business

South Korean listed IT service provider ITCEN Global announced that it has raised 40 billion won (approximately 3 million USD) through the issuance of convertible bonds. This round of fundraising was fully subscribed by ITC Holdings, which is wholly owned by KCGI Innovation Growth ESG Fund. The funds will be used to expand new businesses such as Web3 and security token offerings (STO). The company stated that if the regulatory framework for digital assets in South Korea is established in the second half of the year, related businesses are expected to accelerate.