Founding members of the $ 1 billion blockchain fund backed by the Chinese city government of Hangzhou are planning to launch a stablecoin in Japanese yen
Yao Yongjie, one of the founding partners of Xiong & # 39; An (Grandshores) Blockchain Fund said the work has already begun on the project and that the team hopes to launch the stablecoin by the end of this year or at the beginning of 2019, the South China Morning Post reported.
Grandshores Technology – a different company chaired by Yao, which was recently quoted in Hong Kong through a reverse takeover of a Singapore construction company called SHIS, plans to raise $ 100 million ($ 12.7 million) to finance the project, added the report.
The dedicated fund is now looking for tether-denominated contributions – the US dollar-pegged cryptocurrency – from accredited investors outside of China, Yao said.
In addition, the founding members of the blockchain fund are already working with a mid-level bank in Japan for the project, although they have refused to disclose the name of the institution. Yao added that, in the future, stablecoins anchored in Hong Kong and Australian dollars could also be developed.
The news arrives a few days after the technology Grandshores officially renamed it as SHIS, having bought over 60 percent of the company in May of
As previously reported by CoinDesk, the Grandshores Blockchain Fund was launched by Tunlan Capital, an investment company based in Hangzhou, also headed by Yao, in cooperation with the local government and Chinese bitcoin magnate Li Xiaolai in April.
Image of the Japanese yen via Shutterstock