United States  

Celebrating 10 Years of Trusted News Discovery
One News Page
> >

Hong Kong–Based Blockchain Fund Makes Its Case for Yen-Backed Stablecoin

Bitcoin Magazine Tuesday, 18 September 2018
Hong Kong–Based Blockchain Fund Makes Its Case for Yen-Backed StablecoinGrandshores Technology Group, a Hong Kong–listed investment holding company, is seeking to raise around $12.7 million through a digital token fund, according to reports from the South China Morning Post (SCMP). Grandshores Technology plans to use the funding to launch a yen-backed stablecoin.Chinese investor Yongjie Yao, who currently chairs Grandshores Technology, is also a founding partner at Hangzhou Grandshores Fund, which is backed by the local government of the city of Hangzhou and Chinese crypto billionaire Xiaolai Li.

Yao stated that the company plans to attract investment from qualified investors from outside China to raise funds via Tether, according to the SCMP report. The company will also invest in disruptive startups and other cryptocurrency projects across the globe that are challenging the status quo.

“We are entering the next stage of blockchain evolution, a stage which is akin to when computer operating systems were transiting from MS-DOS [disk operating system] to MS-Windows.”

The founding partners of Hangzhou Grandshores Fund are currently working with an unnamed, mid-tier Japanese bank to develop the yen-based stablecoin. Grandshores has plans to launch stablecoins pegged to the Hong Kong dollar and the Australian dollar in the future.

Yao remains confident regarding the demand for the coin when it launches. He believes the token could be ready by the end of 2018 or the first quarter of 2019.

“We believe cryptocurrency traders and exchanges will be potential takers of this stablecoin,” he added.

Stablecoins help tackle one of crypto’s chief dilemmas — volatility — without compromising its core values. On a smaller scale, they also help investors trade seamlessly while transferring money between crypto exchanges.

Earlier this year, Binance Labs, OKEx and other notable investors funded a stablecoin project out of South Korea called Terra. Liechtenstein’s Union Bank AG also issued its stablecoin, as it aims to become the world's first blockchain investment bank.  

Paxos and Gemini joined the party last week, launching their stablecoins on the Ethereum blockchain.

This article originally appeared on Bitcoin Magazine.
0
shares
ShareTweetSavePostSend
 
Credit: Celebrity Wire - Published < > Embed
News video: Sec Of State Pompeo Expresses Concern For The Victims Of Hurricane Florence

Sec Of State Pompeo Expresses Concern For The Victims Of Hurricane Florence 00:49

Secretary of State Mike Pompeo talks to Americans about the recent hurricane that swept through the Carolinas. He says the victims of the storm are in his thoughts and prayers. He also addresses the current Super Typhoon that is hitting the Philippines and Hong Kong.

You Might Like


Recent related videos from verified sources

The richest man in Hong Kong funds an entire college class' tuition for up to 5 years [Video]The richest man in Hong Kong funds an entire college class' tuition for up to 5 years

According to Business Insider, Hong Kong's wealthiest man, Li Ka-shing, announced on June 16 that he would fund up to 5 years of tuition for Shantou University's incoming class.

Credit: Rumble     Duration: 00:49Published

The Richest Man In Hong Kong Funds An Entire College Class' Tuition For Up To 5 Years [Video]The Richest Man In Hong Kong Funds An Entire College Class' Tuition For Up To 5 Years

According to Business Insider, Hong Kong's wealthiest man, Li Ka-shing, announced on June 16 that he would fund up to 5 years of tuition for Shantou University's incoming class. Li is the 28th-richest..

Credit: Wochit     Duration: 00:49Published

Hong Kong Chief Apologizes Again [Video]Hong Kong Chief Apologizes Again

Hong Kong Chief Executive Carrie Lam attends a news conference in Hong Kong, China, June 18, 2019. REUTERS/Tyrone Siu HONG KONG (Reuters) - Hong Kong leader Carrie Lam said on Tuesday said she had..

Credit: Wochit     Duration: 00:29Published

Hong Kong chief apologizes again [Video]Hong Kong chief apologizes again

Hong Kong Chief Executive Carrie Lam attends a news conference in Hong Kong, China, June 18, 2019. REUTERS/Tyrone Siu HONG KONG (Reuters) - Hong Kong leader Carrie Lam said on Tuesday said she had..

Credit: Rumble     Duration: 00:29Published


Other recent news in Markets

New $35 RASPBERRY PI is the Most Powerful Yet for Running a Full Bitcoin NodeWant to know the latest BUSINESS news?
Environmentally friendly: One News Page is hosted on servers powered solely by renewable energy
© 2019 One News Page Ltd. All Rights Reserved.
About us  |  Contact us  |  Disclaimer  |  Press Room  |  Terms & Conditions  |  Content Accreditation
 RSS  |  News for my Website  |  Free news search widget  |  In the News  |  DMCA / Content Removal  |  Privacy & Data Protection Policy
How are we doing? FeedbackSend us your feedback  |   LIKE us on Facebook   FOLLOW us on Twitter  •  FOLLOW us on Pinterest
One News® is a registered trademark of One News Page Ltd.