Hong Kong-Based Blockchain Fund Grandshores Technology to Issue a New Stablecoin

In a document released on December 3, the Hong Kong-based global blockchain fund Grandshores Technology Limited announced that Mr. Li Xiaolai was being appointed as an executive director and co-chief executive officer starting the same day. Among his responsibilities at the new position are going to be the launch of a new stablecoin, establishment of a Directed Acyclic Graph (DAG)-based public database, development of Trusted Execution Environment (TEE) technologies, and other blockchain related products.

This is another example of big conglomerates investing in the future of blockchain as the driving force of technology. Many corporations around the world are taking a serious look at how they can empower their businesses with blockchain. From manufacturing material tracking inside factories to Supply Chain programs and delivery systems, all part of the industry stands to benefit somehow from blockchain. Companies all over the world have shown a newfound dedication to DApps and blockchain in 2018.

According to the report, the new stablecoin will represent a stable digital currency system that will be focused on global mainstream currencies. Grandshores Technology blockchain innovation fund had previously revealed its plans in September to raise nearly $13 million in order to fund stablecoins.

Yao Yongjie of Grandshores Blockchain Fund was quoted saying, “We are entering the next stage of blockchain evolution, a stage which is akin to when computer operating system was transitioning from MS-DOS [disk operating system] to MS-Windows.” He had also announced that the company plans to launch three fiat-pegged stablecoins, with the first expected to be based on the Japanese yen. Two other stablecoins to be launched by the Fund are expected to be based on the Hong Kong and Australian dollar.

This comes after Li Xiaolai claimed that he had stopped investing in blockchain-related projects because of the fraudulent activity in the industry. However, with this appointment, both Grandshores Technology and Li Xiaolai has nodded to the industry-wide trend to focus on the potential of blockchain technology rather than the old cryptocurrencies and crowd-funding projects.