Chinese crypto billionaire and founder of venture capital firm BitFund Li Xiaolai is planning to develop a new stabelcoin, its value to be pegged to certain “global, mainstream currencies”.
Which currencies will they be is not known yet. The stablecoin project will count Hong Kong based blockchain fund Grandshores Technology as its lead investor, and according to the official announcement, Xiaolai is going to be involved personally with the development of this coin.
Interestingly, previous reports from the fund had suggested that there will be 3 different stablecoins created by them with their values tied to Japanese Yen, Australian Dollar and Hong Kong Dollar.
Xialoi had also announced months before that he will no longer invest in blockchain related projects due to lack of regulation. However, he’s still in the driving seat of this new stablecoin project.
Back in July, Li Xiaolai outspokenly named many big names in the crypto space as “cheaters”, thus causing a tremendous stir in the China crypto space.
This news was provided by Crypto News India, our partnering media source in India.