Grandshores China plan to raise HK$ 100 million to finance Yen-backed crypto project

Grandshores Technology Group is on the verge of raising HK$100 million through a digital token fund to finance a yen-backed cryptocurrency project, according to a report by South China Morning Post. Grandshores is a Hong Kong-based contractor turned blockchain investor. Grandshores’ hub to blockchain investment is the result of a purchase of SHIS by a company controlled by Yongjie Yao in May and its succeeding backdoor listing Li Xiaolai, the Bitcoin king of China is another backer of the fund The chairman of the Grandshores Technology Group stated that the company call for investors who are qualified enough to raise funds denominated in Tether. These investors would mostly be non-Chinese. Tether is a stablecoin backed by the US Dollar. Yao said Grandshores was looking to fund start-ups and crypto projects from around the world so that it distorts the traditional financial system and also break the business of technology and internet Gods who are right now ruling the business charts. “Blockchain will become the mainstream technology in the next three to five years. We are entering the next stage of blockchain evolution, a stage which is akin to when computer operating system was transiting from MS-DOS [disk operating system] to MS-Windows,” said Yongjie Yao. The yen stablecoin project is being handled by the Hangzhou Grandshores fund and is tying up with a mid-tier Japanese bank whose name Yao did not reveal As of now, they will seek demand for the yen stablecoin and later on explore the stablecoin project with Hong Kong dollar and Australian dollar. According to Yao, they will launch the Yen pegged stablecoin by the end of 2018 or early 2019. “We believe cryptocurrency traders and exchanges will be potential takers of these stablecoin,” he said. As reported by BC Focus earlier, China’s blockchain industrial park in Hangzhou have come up with a policy that has been designed to vigorously unleash high-level talents at home and abroad in order to expand the development of the blockchain industry. See Also: Digifinex ousts Tether [USDT], lists TrueUSD [TUSD] A Tether rival & U.S. dollar pegged cryptocurrency gets launched at Gemini Image via Shutterstock Join our telegram group