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Cryptocurrency News Articles
Grandshores Tech Eyes $12.7M for Yen-Backed Stablecoin Venture
May 04, 2024 at 05:04 am
Grandshores Technology Group, a Hong Kong-listed investment holding company, is seeking to raise around $12.7 million through a digital token fund to launch a yen-backed stablecoin. The company plans to use the funding to attract investment from qualified investors from outside China and invest in disruptive startups and other cryptocurrency projects.
Grandshores Technology Group Embarks on Ambitious Stablecoin Venture, Seeking $12.7 Million in Digital Token Fund
Hong Kong-listed investment holding company Grandshores Technology Group has set its sights on raising approximately $12.7 million through a digital token fund, according to exclusive reports from the South China Morning Post (SCMP). The company's audacious plans will see the funds channeled into the development and launch of a Japanese yen-backed stablecoin, poised to reshape the cryptocurrency landscape.
At the helm of Grandshores Technology, Chinese investor Yongjie Yao, renowned for his business acumen and industry connections, is driving this innovative venture forward. As the founding partner of Hangzhou Grandshores Fund, a highly respected investment fund backed by the Hangzhou local government and crypto pioneer Xiaolai Li, Yao's vision for the future of digital assets is unwavering.
"We are witnessing the dawn of a new era for blockchain technology, a paradigm shift akin to the transition from MS-DOS to the revolutionary MS-Windows in the realm of computer operating systems," Yao proclaimed in an exclusive interview with SCMP.
Grandshores Technology aims to capitalize on this technological metamorphosis by extending its reach beyond China's borders, seeking strategic investments from qualified investors worldwide through the established Tether platform. The company's long-term strategy also encompasses investments in groundbreaking startups and frontier cryptocurrency projects that challenge established norms, fostering innovation and disruption.
"We stand at the cusp of a transformative era for cryptocurrencies, and stablecoins hold the key to unlocking their full potential," Yao asserted. "They mitigate the inherent volatility associated with crypto assets without diminishing their core principles. On a more practical level, stablecoins enable seamless trading and efficient money transfers between crypto exchanges."
The Hangzhou Grandshores Fund, founded by a consortium of visionary investors, has already initiated collaborations with a reputable Japanese bank, currently undisclosed, to bring the yen-based stablecoin to fruition. Grandshores Technology also has ambitious plans to introduce stablecoins pegged to the Hong Kong dollar and Australian dollar, further expanding its global reach.
Yao exudes confidence in the impending demand for the yen-backed stablecoin, projecting its launch by the end of 2018 or early 2019. "We anticipate a positive reception from cryptocurrency traders and exchanges, recognizing the practical benefits it offers," he stated.
Grandshores Technology's ambitious venture follows a surge of interest in stablecoins, which have emerged as a compelling solution to the volatility that has plagued the cryptocurrency market. Earlier this year, Binance Labs, OKEx, and other renowned investors extended their support to Terra, a South Korean-based stablecoin project. Liechtenstein's Union Bank AG also entered the stablecoin arena, aiming to establish itself as the world's pioneering blockchain investment bank.
Last week, Paxos and Gemini joined the growing cohort of stablecoin issuers, introducing their respective offerings on the Ethereum blockchain. These developments underscore the growing recognition of the role stablecoins can play in fostering the adoption and mainstream acceptance of digital assets.
As Grandshores Technology embarks on this transformative journey, Yao remains steadfast in his conviction that stablecoins will revolutionize the cryptocurrency landscape, providing stability, liquidity, and broader accessibility to the burgeoning crypto market. The company's meticulously crafted digital token fund will play a pivotal role in unlocking the full potential of this transformative technology.
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