New Japanese Crypto Project to Be Funded Hk$100 Million by Hangzhou-Backed Firm

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There has been a rise in blockchain-based projects, and Grandshores Technology Group doesn’t want to miss the opportunity to find the next unicorn. The Hong Kong listed company turned from a contractor to a blockchain investor. Now it plans to raise HK$100 million (US$12.7 million) from a new digital token fund to finance a yen-backed cryptocurrency project.

What Makes Grandshores Interested in Blockchain?

Grandshores pivoted to blockchain after SHIS was acquired by a Yongjie Yao controlled company in May this year. It led to a backdoor listing for the firm. Additionally, it opened the doors of opportunity into blockchain as Yao is one of the founding partners of the 10-billion-yuan (US$1.45 billion) Hangzhou Grandshores Fund.

The Hangzhou government of China backs the project. Another backer of the fund is Chinese Bitcoin tycoon Li Xiaolai. The company said that it would raise funds from investors outside of China. The money will be raised via Tether; a US-dollar pegged stablecoin. Also, the fund will be listed on a crypto exchange.

Furthermore, Yao said that the founding partners of the Hangzhou-backed fund are in talks with an unnamed mid-tier Japanese bank to create a yen-based stablecoin. The token could be launched by the end of 2018 or early 2019, followed by similar projects for the Hong Kong dollar and the Australian dollar.

Yao’s Interest Leads to Blockchain Funding?

According to Yao, Grandshores is looking to support cryptocurrency projects and start-ups that would need funding. He believes these projects could disrupt the traditional financial system and help in breaking the monopolies of Internet and tech giants.

He explained:

“Blockchain will become the mainstream technology in the next three to five years. 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.”

He also said that crypto exchanges and traders would be interested in these stablecoins, especially since Tether pairs are available in many crypto exchanges. The yen-based stablecoin could also be used as an alternative on these platforms.

Yao is an influential figure in the Chinese crypto industry. He invested early in Canaan, the second largest mining gear manufacturer in the world. Canaan is currently seeking a listing in Hong Kong at a $1 billion valuation. Hangzhou Grandshores Fund and some affiliated funds of Grandshores Technology are also invested in Zcash, GX Chain and ONO.

New Japanese Crypto Project to Be Funded Hk$100 Million by Hangzhou-Backed Firm was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.

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