ITCEN Global said on May 4 it will issue a total of 40 billion won in convertible bonds to improve its financial structure and expand investment in new businesses. The issuance will be carried out through investment via ITC Holdings LLC. ITC Holdings is a company wholly owned by KCGI Innovation Growth ESG Private Equity Fund No. 1.

ITCEN Global will also use the funds it secured this time to expand new growth businesses such as token securities (STO) and Web3.

An ITCEN Global official said, "Through this fundraising, we plan to stabilise our financial structure while also stepping up investment in future new growth businesses including STO and Web3." The official added, "If institutionalisation related to digital assets is confirmed in the second half, we expect the Web3 business division to be pushed forward in earnest."

A KCGI official said, "We decided to invest because we deeply empathise with ITCEN Global's stable IT services and its pre-emptive business expansion strategy in the STO and Web3 areas." The official added, "Beyond a simple capital injection, we will become a long-term partner in which both sides work together to create a new standard for South Korea's digital financial infrastructure."