HK‐Listed Venture Plans Yen‐Backed Stablecoin with Hangzhou Government Support


Grandshores Technology Group, a Hong Kong‐listed real estate company that recently switched to blockchain investment, is seeking to raise the equivalent of about $12.7 million through a digital token fund and use the money to launch a yen‐backed stablecoin, according to the South China Morning Post.

Grandshores Technology changed its name from SHIS and shifted its focus to blockchain following its acquisition in May by a company run by Yongjie Yao. The latter is also a founding partner of the Hangzhou Grandshores Fund, which has backing from the government of China’s Hangzhou city. The 10 billion yuan ($1.45 billion) fund is also backed by Chinese crypto billionaire Li Xiaolai.

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