RATE Group | Hong Kong Blockchain Fund to Finance Yen-Pegged Cryptocurrency
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Hong Kong Blockchain Fund to Finance Yen-Pegged Cryptocurrency

18 Sep Hong Kong Blockchain Fund to Finance Yen-Pegged Cryptocurrency

Posted at 15:05h in Cryptocurrency News by

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Japan Cryptocurrency Exchanges

The founders of a $1.45 billion investment firm and a dedicated blockchain fund are teaming up to launch a new cryptocurrency whose value would be pegged to the yen.

South China Morning Post reports that Grandshores Technology Group, a Hong Kong-based blockchain investment firm, is raising HK$100 million (US$12.7 million) to bootstrap the project, which aims to provide traders and other cryptocurrency users with a yen “stablecoin,” whose value would be immune to price volatility in the wider cryptocurrency markets.

Grandshores Technology’s founding partner, Yongjie Yao, is also a founder of $1.45 billion investment firm Hangzhou Grandshores Fund, which has received backing from the Hangzhou government. He said that the fund’s partners are working with a Japanese bank to create the as-yet-unnamed stablecoin, which should launch in late 2018 or early 2019.

“We believe cryptocurrency traders and exchanges will be potential takers of these stablecoin,” he said, adding…

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