In a news report published on September 18, The South China Morning Post revealed that Grandshores Technology Group, a Hong Kong-listed contractor-turned-blockchain investor, plans to invest more than $12 Million to help finance a new stablecoin to be backed by the Japanese Yen.
The firm’s pivot towards blockchain investments comes as a result of its acquisition of Singaporean firm SHIS and its back-door listing that followed.
Yongjie Yao, the chairman of Grandshores Technology and one of the founding partners of the Xiong’An (Grandshores) Blockchain Fund, says work has already started on the project and that the team hopes to launch by either the end of 2018 or early 2019.
The project is now looking at seeking contributions that are denominated in Tether, the cryptocurrency backed by the US Dollar, Yao explained.
Yao also adds that the founding partners of the blockchain investment fund are working with a Japanese bank for the project, although they declined to name the financial institution. Yao also speculated that future stablecoins backed by the Hong Kong and Australian dollar might also be developed.
The announcement comes just a few days after Grandshores Technology rebranded from SHIS Ltd. name, after having purchased more than 60 percent of the firm in May of 2018.
Grandshores Blockchain Fund was launched by Tunlan Capital, an investment firm based in Hangzhou which is also headed by Yao, in partnership with the Hangzhou local government and China’s bitcoin tycoon Li Xiaolai in April 2018.
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