Chinese crypto billionaire investor, Li Xiaolai, has become the co-CEO of a blockchain Startup, Grandshores Technology Group according to a document released by the company.
The GT Group is listed on the Hong Kong Stock Exchange and will now be led by the veteran crypto investor who has a net worth of over $1 billion. As per the announcement by the company, Li Xiaolai will lead their next round of projects which notably includes the development of a fiat-backed stablecoin.
Remuneration packages and the duration of Li’s leadership was not stated in the document; however, it is expected that he holds the top position until the next general meeting which usually precedes a re-election.
Grandshores Technology Group was only listed on the HKEX in May, following a reverse takeover of a construction firm know as SHIS. The startup has been bearing SHIS and only got renamed to its current identity in August.
Li Xiaolai Crypto and Blockchain Investment Efforts
The new Grandshores Technology Group executive director and Co-CEO has been a firm believer in cryptocurrencies and blockchain since the invention came around.
He holds investments in several blockchain startups and was one of those who founded a $1.6 billion Innovation Fund in China earlier this year. Li was appointed by the Chinese government as a manager for the Fund.
Back in 2017, Li Xiaolai led a startup for Press.One to ICO success. The firm reportedly raised a whopping $82 million at that time to build a decentralized content distribution platform on the EOS blockchain.