Grandshores Blockchain Intends To Launch Stable Cryptocurrency On Basis Of Japanese Yen And Attract Nearly 13 Million Dollars Of Investments


September 18, the South China Morning Post reported that a local businessman, the manager of Blockchain-Fund for $ 1.5 billion, intends to launch about 3 stable cryptocurrencies.

The founder of Grandshores Blockchain, working with Bitcoin investor Li Xiaolai and the Hangzhou government, said that the first draft of a stable coin over which he works will be launched on the basis of the Japanese yen.

The second studio of the company Yao Yongjie, based in Hong Kong Grandshores Technology, is aimed at attracting 100 million Hong Kong dollars ($ 12.7 million) to finance the cryptocurrency.

Also, Yao said that the Hong Kong branch of Grandshores Technology intends to raise $ 12.7 million, which will be used to invest in cryptocurrency. He noted:

“We believe cryptocurrency traders and exchanges will be potential takers of these stablecoin.”

It is worth noting that Grandshores Technology held talks with a Japanese bank, discussing the launch of a new stable coin. Yao, in turn, does not specify which bank will participate in the project.

Also, Grandshores reported that in the future the fund intends to launch stable coins based on the Hong Kong and Australian dollars. Yao pointed out:

“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.”

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