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

CoinFeed reported on May 5th that, according to Chosun, ITCEN Global, a South Korean listed IT service provider, announced that it has raised 40 billion won (approximately US$3 million) through the issuance of convertible bonds. The funds were subscribed by ITC Holdings, a wholly-owned subsidiary of KCGI Innovation Growth ESG Fund. The funds will be used to expand new businesses such as Web3 and security tokens (STOs). The company stated that if South Korea's digital asset regulatory framework is finalized in the second half of the year, related businesses are expected to accelerate.