[ad_1]
Although China has continued to inexorably block certain subsets of the cryptic industry, the national blockchain scene continues to grow at a frenetic pace, supported by fantastic entrepreneurs, billions in Renminbi (Chinese currency), world-renowned incubators and consortia of venture capital. More recently, an important Chinese blockchain startup hired a legendary Bitcoin investor, emphasizing that this industry is all but dead in the water.
Grandshores Hires Li Xiaoli, "Bitcoin Evangelist" in China
On Monday, the Grandshores Technology Group, a blockchain investment group, revealed that it had formally involved Li Xiaolai, a bigwig in the crypt scene in China, according to the South China Morning Post (SCMP). For the outlet in Asia, Grandshores, a company listed in Hong Kong indirectly supported by a large endowment deriving from the municipal government of Hangzhou, has appointed Li as the new co-chief executive officer.
In an official statement, released to its shareholders, the Hangzhou blockchain linked affirmed that Li, nicknamed "the Bitcoin evangelist" of China, will also operate as executive director. For Grandshores, Li will take the helm of a number of startup companies, namely, a stablecoin planned to be pegged to the Japanese Yen. The declaration, elaborated, reading:
"Mr. Li will be primarily responsible for various projects in which the company participates, including the creation of a stable digital currency system (focusing on the major international currencies)."
After consulting with the insiders of Grandshores, the SCMP stated that the Asian blockchain group intends to launch the nameless Yen stablecoin, originally unveiled in September, by February 2019, with a resource so encrypted as one of the first its kind. Other reports indicate that Yao Yongjie, president of the startup, said his company is also examining stablecoins linked to other noteworthy currencies, such as the Australian and Hong Kong dollars.
He should work with the Singapore-based group at least until August 2019, the month of the next Annual General Assembly of Grandshore, at which point he will presumably be re-evaluated. Although the mandate of the evangelist has no stellar results, with this move, it is widely evident that Grandshores is well on his way to achieving his long-term vision of funding the "next block-unicorn."
Li, for those who do not know, is best known for having founded BitFund, a fund focused on cryptocurrency in China that once held 3.8 billion yuan (~ $ 550 million) in assets. Although Li's project has disappeared from the limelight, the investor is still praised as the richest Bitcoin investor in China, along with a host of other extravagant titles that would make the self-proclaimed "experts" of the crypts jealous.
Did not Li Xiaolai give up on Crypto and Blockchain?
While the on-boarding of such an important participant in the sector is logical, especially considering the involvement of Hangzhou in Grandshores, Li's involvement in the cryptosphere has been in the air in recent months. Li's appearance on the Grandshores brass came only a few months after he reportedly stopped investing in blockchain-focused projects. As reported by TechNode, who originally broke this intriguing development, through a Weibo post, the alleged billionaire wrote (was translated by TechNode):
"From now on, I, Li Xiaolai, personally will not invest in any project (be it blockchain or initial stage) So if you see" Li Xiaolai "associated with any project (I have been associated with countless projects without my knowledge, the 99% is not an exaggeration), ignore it. "
The Chinese magnate Bitcoin continued adding that he intends to sit on his laurels for "several years" while contemplating his next steps in life. This statement, although it does not explicitly state that it will not join a blockchain startup, obviously throws a key into the exciting announcement of Grandshores, as it indicates that Li has lost faith in this sector.
Some have suspected that it was subjected to a depletion, caused by the tumultuous market and years spent putting the pedal on a metal. Others claimed that events in its encrypted timeline, such as calling "fraudulent" Binance, and reportedly having to pay 30,000 BTC, sent him into a frenzy. Yet, a company listed on the Hong Kong stock exchange, like Grandshores, would not have been surprised to lie about such a development. So, for now, it seems that Li was legitimately brought into the Grandshores team.
Shutterstock foreground image
