Benzinga | Feb 22, 2021 07:37AM EST

Lion Group Holdings Announces Strategic Partnership With Grandshores Technology

Lion Announces Strategic Partnership with Grandshores Technology

HONG KONG, Feb. 22, 2021 /PRNewswire/ -- Lion Group Holding Ltd. ("Lion" or "the Company") (NASDAQ:LGHL), operator of an all-in-one trading platform that offers a wide spectrum of products and services with a focus on Chinese investors, today announced a strategic partnership with Grandshores Technology Group Limited ("Grandshores Technology") (HKEX: 01647).

Royal Lion Middle East DMCC, a company in the process of being acquired by Lion, holds a digital asset trading license, issued by Dubai Multi Commodities Centre ("DMCC"), and functions as a central counterparty in the crypto asset market. Lion intends to hire Grandshores Technology as a consultant to provide blockchain technology support, advice on operations, and consulting services in operating digital asset trading platforms.

With the cooperation, Lion is preparing to set up a blockchain related fund up to a maximum of US$800 million. The fund will invest in digital currencies including but not limited to Bitcoin (BTC), Ethereum (ETH) and its ecological industry chain, and invest in the stocks of listed companies in the blockchain field with growth potential, or the equity of private companies that will be listed in the near future. Additionally, Lion will also prepare the issuance of mainstream digital currency trust funds similar to GrayScale. Mr. Yao Yongjie, chief technical adviser of Lion and the Chairman of Grandshores Technology, will facilitate the cooperation between the two parties.

"We are pleased to announce the partnership with Grandshores Technology, which offers many resources and extensive investment management experience within the blockchain field," Mr. Chunning (Wilson) Wang, Chief Executive Officer of Lion, commented. "Through this cooperation, we will leverage the advantages of our respective capital, platform and resources to achieve success and sustainable growth in the development of blockchain technology and industry."