China's "Bitcoin evangelist" joins blockchain startup developing yuan stablecoin

05 Dec, 2018 | Updated: 05 Dec, 2018
by Richard Allen
Blockchain
China's Bitcoin evangelist joins blockchain startup developing yuan stablecoin

Despite China’s rather tight grip on the cryptocurrency space, the county’s blockchain industry has continued to thrive. Recently, a blockchain startup hired legendary cryptocurrency investor Li Xiaoli, South China Morning Post reports.

Hong Kong-based blockchain investment company Grandshores technology Group unveiled on Monday that Li Xiaolai was formally part of the businesses. Li, often referred to as China’s “Bitcoin evangelist” is now co-CEO and executive director.

The company announced that Li, best known as the founder of Bitfund, will head various projects at Grandshores, including the development of a stablecoin tied to the yen.

“Mr. Li will mainly be responsible for various projects in which the company is taking part, including the establishment of a stable digital currency system (focusing on mainstream international currencies),” the company said in the announcement.

Grandshores is eyeing a February 2019 release date for the yen-pegged stablecoin. The company is also looking into developing other stablecoins tied to the Hong Kong and Australian dollars.

Li is expected to hold office at least until the company’s next annual general meeting in August next year.

An English teacher before his Bitcoin and blockchain investments, Li is now worth an estimated 7 billion yuan (just over $1 billion). Interestingly, however, Li announced in October that he won’t be investing in any more blockchain projects.

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Read more about: Blockchain Stablecoin

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