Grandshores Technology Group, an investment holding listed in Hong Kong, is trying to raise about $ 12.7 million through a digital token fund, as reported by South China Morning Post (SCMP ) . Grandshores technology plans to use funds to launch a yen-supported stablecoin.
The Chinese investor Yongjie Yao, who currently chairs the Grandshores technology, is also a founding member of the Hangzhou Grandshores Fund, which is supported by the local government of Hangzhou City and Chinese billionaire crypt Xiaolai Li.
Yao stated that the company intends to attract investment from qualified investors from countries other than China to raise money through Tether, according to the report SCMP . The company will also invest in disruptive start-ups and other cryptocurrency projects around the world that are challenging the status quo.
"We are entering the next phase of blockchain evolution, a phase similar to when computer operating systems were transitioning from MS -DOS [disk operating system] to MS-Windows."
The founding members of Hangzhou Grandshores Funds are currently working with an unnamed Japanese high-level bank to develop yen-based stablecoin. Grandshores plans to launch stablecoins anchored to the Hong Kong dollar and the Australian dollar in the future.
Yao remains confident about the demand for the currency at its launch. He believes that the token could be ready by the end of 2018 or the first quarter of 2019.
"We believe that traders and cryptocurrency exchanges will be potential buyers of this stablecoin," he added.
Stablecoins help tackle one of the main crypts dilemmas – volatility – without compromising its core values. On a smaller scale, they also help investors trade uninterrupted while transferring money between crypted exchanges.
At the start of this year, Binance Labs, OKEx and other major investors funded a stablecoin project from South Korea called Earth. Also the Liechtenstein Union Bank AG has issued its stablecoin, as it aims to become the world's first blockchain investment bank.
Paxos and Gemini joined the party last week, launching their stablecoins on Ethereum's blockchain.