Grandshores Technology Group, a Hong Kong-listed blockchain company, is set to raise HK$100 million to finance in Japanese cryptocurrency. To commence the project, the organization is planning to offer the traders and other crypto users with a yen “stablecoin.”
Grandshores Technology is planning to generate such a gigantic amount through a digital token fund. The founding partner of this organization, Yongjie Yao, holds the position of a co-founder of Hangzhou Grandshores Fund that got backing from the Hangzhou government and Chinese crypto billionaire Xiaolai Li.
Yao revealed that his blockchain company aims to attract investment to generate funds from the investors outside China dominated in Tether, a stablecoin cryptocurrency. The organization will also provide finance in disruptive start-ups and other projects in the digital currency.
Yao believes that the cryptocurrency traders and exchanges will be potential takers of this stablecoin. Hence, Hangzhou-backed Grandshores Technology looks further to develop a complete suite of fiat-pegged stablecoins, which are expected to commence with Australian dollar (AUD) and Hong Kong dollar (HKD) in the future.
On the other hand, the founding partners of Hangzhou Grandshores Fund are presently involved in some projects with an anonymous Japanese bank. However, they are in the process of developing yen-based stablecoin. As far as Yao’s opinion is concerned, he believes that blockchain (or DLT) will become the mainstream technology in the next 3 to 5 years, as reported by CCN. Through his market understanding, it can be believed that the founding partners are secretly working on the entire development process and creating a robust ground for further big tie-ups.
Alternatively, Yao is quite confident regarding the demand for the coin whenever it gets a set-go. According to him, the token is expected to be ready by the end of this year or the first quarter of 2019, Bitcoin Magazine noted.
Hangzhou Grandshores Fund’s founding partners have already invested a mammoth amount of 500 million Yuan globally in blockchain and cryptocurrency projects outside China. The projects include Zcash, GX Chain (a blockchain start-up) and ONO (blockchain-based social media network).
The post Blockchain Company Grandshores Technology Pumps Out Funds In Cryptocurrency Project appeared first on OWLT Market.
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