Lion Group Holding Ltd. 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 it entered into a binding strategic cooperation framework agreement with Mr. Yao Yongjie , a leader in the global blockchain industry and the chairman of the board of directors of a public listed company on the Hong Kong Stock Exchange, Grandshores Technology Group Limited . The strategic cooperation agreement has been approved by the board of directors of the Company. Closing of the transactions contemplated in the agreement will be subject to customary conditions, including regulatory approvals.
According to the agreement, the Company and Mr. Yao will each use their respective capital, platform and resources to jointly set up a fund of not more than US$800 million to jointly promote the development and the industry environment of blockchain technology, and actively promote the product innovation in the digital currency field, allowing clients to participate in the digital currency market more conveniently. The fund will invest, without limitation, in mine construction, mining and its upstream and downstream industries of digital currencies such as Bitcoin and Ethereum.
The Company engages Mr. Yao as the chief technical adviser to provide technical advice and consultancy service in blockchain industry. Additional details of Mr. Yao’s strategic cooperation agreement can be found in the Company’s form 6-K filed today with the SEC.