Hong Kong Firm to Launch Yen-Pegged Stablecoin as China Warns against ICOs
At a time when the Chinese government remains hostile towards cryptocurrencies and ICOs, Grandshores Technology Group, a Hong-Kong based blockchain investment firm, moves forward with plans to develop a new stable coin backed by the Japanese Yen. The new asset is yet unnamed, but according to Yongii Yao, Grandshores founding partner, its upcoming funding round will be denominated in Tether (USDT), and the coin will launch sometime in late 2018 or early 2019.
Yao further states,
We believe cryptocurrency traders and exchanges will be potential takers of these stablecoins […] We are entering the next stage of blockchain evolution, a stage which is akin to when computer operating system was transiting from MS-DOS [disk operating system] to MS-Windows.
Yao’s optimism is…
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