ITCEN Global Raises Funds for Web3 and STO Expansion

South Korean IT service provider ITCEN Global has announced a fundraising initiative through the issuance of convertible bonds, raising 40 billion Korean won, approximately $3 million. According to ChainCatcher, the funds were fully subscribed by ITC Holdings, which is wholly owned by KCGI Innovation Growth ESG Fund. The capital will be directed towards expanding new business ventures in Web3 and security token offerings (STO). The company anticipates that if South Korea's digital asset regulatory framework is established in the second half of the year, these related business activities could see accelerated progress.