Japan just received some crypto-positive news, as a Chinese blockchain company just unveiled it’s working on a yen-backed cryptocurrency. Crypto in Japan has always been widely accepted, but it is quite the opposite in China—the country went as far as to create its own cryptocurrency firewall.
The South China Morning Post reported this morning that Grandshores Technology Group is planning on raising $100 million HK in an initial coin offering to finance a yen-backed digital token.
Crypto in Japan
“Blockchain will become the mainstream technology in the next three to five years,” Yongjie Yao, founding partner and Chairman of Grandshores, told the South China Morning Post. “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.”
The Grandshores Chairman told the post that his company will tap qualified investors outside of China to raise the funds. This new cryptocurrency will be similar to Tether (USDT). A ‘stablecoin’ that is pegged to the US dollar, which is seen as a stable asset.
The funds raised in this initial coin offering for the yen-backed crypto will be raised in Tether.
Yao told the press that the founding partners of the Hangzhou Grandshores fund are currently working with an undisclosed mid-tier Japanese bank, to make this new stablecoin.
“We believe cryptocurrency traders and exchanges will be potential takers of these stablecoin,” Yao said.
The Chairman sees the demand for the yen-backed stablecoin and excepts to launch the coin by the end of the year, or in early 2019.
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Grandshores Looking Ahead
Once the yen-backed cryptocurrency is distributed, Yao claims that the country will start looking into other dollar-backed cryptocurrencies. Currently, they have the Australian and Hong Kong dollar in their plans.
Tether is used widely among cryptocurrency day traders, due to its price stability. It will be interesting to see how much the yen-backed cryptocurrency will be used when released.
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