Founders of $ 1 Billion Chinese Blockchain Fund To Launch Yen-Pegged Stablecoin
The founding partners of a $ 1 billion blockchain fund sponsored by the government of Hangzhou, China, are planning to launch their own stablecoin pegged to the Japanese yen. Writes about it South China Morning Post.
One of the founders of the fund, Yao Yongjie, said that work on the project is already underway, and the team expects to launch a stablecoin by the end of this year or early next.
Grandshores Technology, a company chaired by Yao and recently listed on the Hong Kong Stock Exchange in a reverse takeover of a Singapore-based construction firm called SHIS, plans to raise HK $ 100 million ($ 12.7 million) to provide funding for the project..
A separate fund is currently raising additional funds in Tether, another stablecoin pegged to the US dollar, by attracting accredited investors based outside of China, Yao said..
In addition, the founding partners of the fund have already established contacts with a mid-level bank in Japan, which will help them in the implementation of the project, but they refused to disclose the name of the financial institution. Yao said there may be other stablecoins pegged to Hong Kong and Australian dollars in the future..
Just a few days ago, Grandshores Technology got its current name, abandoning the SHIS name, which the company borrowed with the purchase of a 60% stake in a Singaporean firm in May this year..
As noted by CoinDesk, the Grandshores blockchain fund was launched by Tunlan Capital, a Hangzhou investment firm also headed by Yao, in collaboration with the local government and Chinese bitcoin tycoon Li Xiaolai, who has been caught in the middle of a scandal over his criticism of various cryptocurrency projects..