Wall Street PR

Hangzhou-backed Blockchain Company Plans To raise HK$100m For Japanese Yen Stablecoin Project

Hangzhou-backed Blockchain Company Plans To raise HK$100m For Japanese Yen Stablecoin Project

According to a local Chinese media report, Hong Kong-listed blockchain investor, Grandshores Technology Group Limited, is looking to raise HK $100million (US$ 12.7 million) via a virtual token capital to finance in a Japanese Yen-backed crypto program.

In May, SISH Limited now known as Grandshores Technology was acquired by a firm managed by Yao Yongjieand its subsequent back door listing. Yao Yongjie is the partner who foundedHangzhou RMB10 billion (US$1.45 billion) Grandshores Fund backed by the Hangzhou government.

Grandshores fund declares to have safeguarded 30 percent of its RMB10 billion (US$1.45 billion) fundraising target from the Hangzhou government-backed global fund.

Yao Yongjie statements on the industry

Yao Yongjie said that the firm will raise funds fromoutside China investors and list it on a crypto trading. Yao also added that Grandshores Technology is looking to globally finance start-ups and crypto projects while the founding partners of Hangzhou Grandshores fund are initially dealing with a mid-tier bank in Japan in developing a stablecoin. He did not however reveal any kind of details pertaining the deal.

Yao stated in the comingthree to five years, blockchain will be the mainstream technology in addition to entering the next level of blockchain transformation, a level which is akin to when computer operating system was switching from MS-DOS to MS-Windows.

Grandshores Technology plans

The firm’s plans are to release the token by the late of this year or early 2019 and the new currencies explored will be the Australian dollar and Hong Kong dollar. Grandshores Technology was founded in 2016 and is principally dealing in blockchain business and construction. The firm’s construction business supplies integrated building services in Singapore with its focus being maintenance and installations of electrical and mechanical systems including minor repairs and improvement works.

This move has been brought at a time when the crackdown of China on crypto has never been more forceful. Last month authorities blocked hundreds of foreign trading websites and scrutinizing any transactions considered to be promoting the field.

Grandshores Technology will leverage investors coming from outside China using extant stablecoin Tether (USDT) for its fundraising. The yen stablecoin will go live in January 2019.