Grandshores Technology Group, a Hong Kong-listed blockchain investor, plans to raise HK$100 million ($12.7 million) using a digital token fund to finance a yen-backed cryptocurrency stablecoin.

According to the South China Morning Post, the idea is provide traders with a digital currency whose value would be immune to price volatility.

Grandshores Technology’s founding partner Yongjie Yao is also a founder of the $1.45 billion investment firm Hangzhou Grandshores Fund, which has received backing from the Hangzhou government.

The other backers of the fund include Li Xiaolai, whom the publication refers to as the “bitcoin (BTC) tycoon of China.” Read more here.

ThirtyK Staff
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