A leading technology group and a Hong Kong-listed contractor that’s venturing into blockchain technologies have plans to raise US$12.7 million (HK$100 million) through a digital token fund in order to finance a Japanese cryptocurrency project. The investment is supported by an HK$11.4 billion Hangzhou government-backed global fund that supports and incubates tech start-ups.
Entering into Blockchain Foray
Grandshores Technology Group is a Hong Kong Listed contractor and real estate operator that recently moved to blockchain technology and will try to raise the cash through a digital token fund. They will use the money raised to launch a Japanese-backed Stablecoin.
Grandshores Technologies changed its identity from SHIS and focused on blockchain in May after it acquired a company that was headed by Yongjie Yao. Yao happens to be among the founding partners of the Hangzhou Grandshores Fund that is supported by the local government in Hangzhou City. The fund runs a 10 billion fund that is also supported by China’s cryptocurrency billionaire Li Xiaolai.
Yongjie Yao, who doubles up as the chairperson of Grandshores Technologies, has shown that the company plans to woo investors from abroad in order to raise U.S. dollar-backed Stablecoin (USDT) launched by Tether.
Yao has revealed that the Group was interested in promoting blockchain startups and cryptocurrency related projects from around the world believing they could be responsible for bringing a tectonic shift that will challenge the status quo in financial systems and eliminate monopolization. Yao said:
“Blockchain will become the mainstream technology in the next three to five years. We are entering the next stage of blockchain evolution, a stage akin to when the computer operating system was transiting from MS-DOS [disk operating system] to MS-Windows.”
Alliance with a Japanese Bank
Yao revealed that the founding partners of the Hangzhou Grandshores Fund were enlisting the help of a Japanese bank in their plans to develop a Stablecoin. Saying the yen-linked project could mature by the end of this year or the first quarter of 2019, Yao said he was confident the asset will have a strong demand. He added:
“We believe cryptocurrency traders and exchanges will be potential takers of this Stablecoin.”
The founding partners of the Hangzhou Grandshores Fund and their associates have invested over 500 million Yuan in crypto and blockchain projects abroad; they include Zcash, GX Chain, and ONO.
