- IDA has raised $6 million in seed funding to develop the primary fiat-referenced stablecoin, HKDA.
- Main firms together with Hashed and CMCC International's Titan Fund are backing the undertaking.
- The corporate goals to launch the HKDA mainnet by the top of 2024.
Hong Kong-based digital asset firm IDA has efficiently raised $6 million in seed funding with vital backing from blockchain buyers CMCC International's Titan Fund and Hashed. The funding will propel IDA in the direction of the launch of its groundbreaking fiat-referencing regulated stablecoin, Hong Kong Greenback Anchor (HKDA).
IDA goals to empower companies by bridging the hole between conventional Web2 programs and the rising Web3 ecosystem. HKDA is designed to streamline commerce and funds between Hong Kong and world markets, and simplify cross-border commerce funds. Every token might be totally backed by a minimum of 100% reserve property held by regulated Hong Kong establishments.
IDA has partnered with trade leaders to streamline the issuance, redemption, and use of HKDA throughout numerous platforms. The seed funding spherical was participated in by different notable buyers together with Hack VC, Anagram, GSR, Protagonist, and angel buyers comparable to Solana co-founder Raj Gokal. Moreover, Solana, Polygon, Aptos, and Mantra Blockchain Basis have partnered with IDA as strategic companions.
IDA co-founder and CEO Lawrence Chu expressed optimism about the way forward for stablecoins, predicting that the market might develop to greater than $3 trillion throughout the subsequent 5 years.
“IDA's mission is to allow simpler and environment friendly cross-border commerce for all via blockchain.”
The IDA is working carefully with the Hong Kong Financial Authority (HKMA) and the Monetary Companies Board (FSTB) to adjust to upcoming stablecoin laws. In July, these regulators launched a session report on stablecoins that aligns regional efforts to finalize the regulatory framework.
IDA plans to launch a testnet for the HKDA stablecoin quickly, with a full mainnet launch deliberate for the top of 2024. The corporate's long-term imaginative and prescient goes past Hong Kong, with plans to broaden its stablecoin providing to different jurisdictions with currencies pegged to the U.S. greenback.
Disclaimer: The data offered on this article is for informational and academic functions solely. This text doesn’t represent any form of monetary recommendation or counsel. Coin Version is just not liable for any losses incurred on account of the usage of the content material, merchandise, or providers talked about. Readers are suggested to train warning earlier than taking any motion associated to our firm.
