Hangzhou-backed blockchain company raised HK $ 100 million through a digital token fund to invest in Japanese cryptocurrency


Grandshores Technology Group, a publicly traded investor based in Hong Kong, plans to raise HK $ 100 million (US $ 12.7 million) through a digital token fund to fund a yen-funded cryptocurrency project.

The hub of Grandshores Technology's investment in blockchain is the result of an acquisition of SHIS by a company controlled by Yongjie Yao in May and subsequent listing on the back.

Yao is also a founding member of the 10 billion yuan (US $ 1.45 billion) Hangzhou Grandshores fund from the Hangzhou government.

Other supporters of the fund include Li Xiaolai, China's bitcoin magnate.

The president of Grandshores Technology said that the company would attract qualified investors outside of China to raise tethered funds, a US dollar-backed firm, and list it on a cryptocurrency exchange.

Stablecoin is a cryptocurrency anchored to a stable asset such as gold or strong currencies such as the US dollar.

Yao said Grandshor He was trying to finance start-up and cryptocurrency projects globally, because he believes that some unicorns-hopeful blockchains are on track to destroy the traditional financial system and break the monopolies currently enjoyed by the giants of technology and the Internet.

"Blockchain will become the leading technology in the next three to five years," said Yao, who is also part time professor at Zhejiang University in Hangzhou. "We are entering the next phase of blockchain evolution, a phase similar to when the computer operating system switched from MS-DOS [disk operating system] to MS-Windows."

For the Yen sttecoin project, Yao said that the founding members of the Hangzhou Grandshores fund, are currently working with a mid-level Japanese bank, whose name refused to divulge, creating a stablecoin.

Yao said he saw the demand for a Yen-linked stablecoin, and he is confident of launching the token by the end of this year or at the start of 2019 and the next anchor currencies that Grandshores will explore they will be the Hong Kong dollar and the Australian dollar.

"We believe that traders and cryptocurrency exchanges will be potential buyers of these stablecoin," he said.

Many exchanges of cryptocurrencies already exchange bitcoins and other cryptocurrencies like ethereum and EOS against the cable. The yen stablecoin of Grandshores Technology could provide an alternative that can be exchanged on these exchanges.

Yao was also an early investor in Canaan, the world's second largest bitcoin mining rig producer who is trying to raise $ 1 billion and list in Hong Kong.

He has invested 107 million yuan in Canaan since 2015 through his blockchain investment fund, and expects returns "for hundreds of times".

Currently, the founding members of the Hangzhou Grandshores fund, along with some of its affiliated funds under Grandshores Technology, have invested 500 million yuan globally in blockchain and cryptocurrency projects outside of China. These include Zcash, an open source cryptocurrency that offers selective transaction transparency; start-up blockchain GX Chain and social media network based on blockchain ONO.

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