Dragonchain, a cryptocurrency that aims to replace fiat currencies, has announced it will launch its new coin, Xlm Coin, on May 30.
Dragonchain co-founder and CEO Michael Kui says the coin will be released at the same time as the upcoming Lunar New Year holiday, which is a traditional Lunar New Years holiday for Chinese people.
Kui says that the new coin will allow users to trade with other Chinese residents in China, and that they can also buy goods and services in Chinese markets from Chinese companies.
The new coin has also attracted the support of some notable Chinese investors, including China’s largest private equity firm, the China Merchants Bank.
XlmCoin will be launched on the coin’s official website, and it will also be released in digital wallets.
Kui tells CoinDesk that the coin has been in the works for a year, and he believes that it is still under development.
XmCoin is based on a blockchain technology that provides a way to record, verify, and store transactions without the need for central authority.
It is the successor to the popular Litecoin coin.
DragonChain is developing the coin in conjunction with the China State Assets Administration, and the coin is intended to help Chinese citizens and businesses access financial services.
Dragonchain has also been working with the Chinese People’s Bank to build the first Chinese cryptocurrency wallet, XnM Wallet.
Dragon Chain plans to release a series of new cryptocurrencies during the Lunar New York holiday, and Kui said the new coins will be announced by the end of May.