Li Xiaolai, a Chinese crypto investor, will be directing the stablecoin project within Grandshores Technology, a blockchain fund based in Hong Kong. This was made known by an official document released on Monday, 3rd December.
Li Xiaolai, a Bitcoin businessman from China, worth $1 billion (7 billion yuan), has been given an appointment by Grandshores Technology blockchain fund as a co-chief executive officer and an executive director within the company, which will take effect from Monday, 3rd December.
Having received the appointment from the blockchain fund, Li Xiaolai is tasked with the launching of stablecoin as well as many other initiatives such as, setting up a public database based on DAG which means Directed Acyclic Graph, building the technology for Trusted Execution Environment (TEE) and a lot more projects that are based on blockchain technology.
As stated by the report, Stablecoin will symbolize a digital currency system that is both stable and directed towards mainstream currencies from all over the world
Grandshores Technology made a revelation in the middle of September about its plan to source for $12.7 million in funding for stablecoin so that it can be adequately supported, thereby making its creation as problem free as possible.
Yao Yongjie, chairman of Grandshores Technology, made it known that the company will be launching three stablecoins that are pegged on fiat money and that the first will have its basis on the Japanese yen. The two remaining stablecoins will take on the identities of the Australian and Hong Kong dollar. As was reported in the past, Grandshores Technology aims to provide investments through the use of Tether (USDT), a stablecoin pegged on the US dollar, alongside a yen-pegged stablecoin which will be ready for unveiling come January 2019.
The fraudulent activities and malicious attacks going on in the blockchain business have risen to higher levels in recent times which Li Xiaolai have also observed, making him to say at the beginning of October that he would no longer make investments in any project that is related to the blockchain.
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