Chinese Crypto Tycoon Li Xiaolai Joins Grandshores Technology to Develop New Stablecoin
Li Xiaolai will lead a new stablecoin project after being appointed as executive director and co-CEO of Grandshores Technology.
Chinese crypto mogul Li Xiaolai will lead a new stablecoin project within Grandshores Technology. The Hong Kong-listed company, which recently switched from real estate to blockchain investment, announced on Monday that it had appointed Li as executive director and co-CEO of the company. At his new position, the billionaire investor will head the development of the planned “stable digital currency system,” which will be focused on global mainstream currencies.
Grandshores Technologies’ chairman and executive director, Yongjie Yao, revealed plans in September to raise the equivalent of about $12.7 million through a digital token fund and use the proceeds for three fiat-pegged stablecoins, with the first to be based on the Japanese yen and expected by the end of 2018 or the first quarter of 2019. The company is also working on two other stablecoins pegged to the Hong Kong and Australian dollars.
Within his new role at Grandshores Technologies, Li will also lead a number of initiatives including the establishment of a Directed Acyclic Graph (DAG)-based public database, development of Trusted Execution Environment (TEE) technologies, and other blockchain-related projects.
Grandshores Technology changed its name from SHIS and shifted its focus to blockchain following its acquisition in May by a company run by Yongjie. 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 Li.
Li is one of the best-known names in the cryptosphere after he founded BitFund, a Beijing-based venture capital investment fund with a focus on cryptocurrency and blockchain projects. In early October, he announced his departure from the crypto world, citing increased fraudulent activity.
“From this day on, Li Xiaolai personally will not invest in any projects (whether it is blockchain or early stage). So, if you see ‘Li Xiaolai’ associated with any project (I have been associated with countless projects without my knowledge, 99% is not an exaggeration), just ignore it. I plan to spend several years to contemplate on my career change. As for what I’m doing next, I’m not sure just yet,” Li said at the time.
His decision to join Grandshores Technology as co-CEO instead of as an investor may be a way to stay in the crypto and blockchain space, but with greater control over the projects in which he is involved.