IDA Raises $6M to Launch Hong Kong Greenback-Backed Stablecoin

• IDA raises $6 million in seed funding to develop its first fiat-referenced stablecoin, HKDA.
• Main gamers, together with Hashed and CMCC International’s Titan Fund, again the mission.
• The corporate goals to launch the HKDA mainnet by 2024-end.

Hong Kong-based digital asset firm IDA has efficiently raised $6 million in seed funding, with main backing from blockchain traders CMCC International’s Titan Fund and Hashed. This funding propels IDA towards the launch of its groundbreaking fiat-referenced 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 international markets, simplifying cross-border commerce funds. Every token will likely be totally backed by at the very least 100% reserve property held in regulated Hong Kong establishments.

IDA has partnered with key business gamers to streamline the minting, redemption, and use of HKDA throughout varied platforms. The seed funding spherical noticed participation from different notable traders, together with Hack VC, Anagram, GSR, Protagonist, and angel traders like Solana’s co-founder Raj Gokal. Moreover, blockchain foundations from Solana, Polygon, Aptos, and Mantra have joined forces with IDA as strategic companions.

Lawrence Chu, IDA’s co-founder and CEO, expressed his optimism about the way forward for stablecoins, predicting that the market might develop to over $3 trillion throughout the subsequent 5 years. He added:

“IDA’s mission is to allow simpler and environment friendly cross-border trades via blockchain for everybody.”

IDA is working carefully with the Hong Kong Financial Authority (HKMA) and the Monetary Providers and the Treasury Bureau (FSTB) to adjust to the upcoming stablecoin guidelines. In July, these regulators introduced the stablecoin session report. aligning the area’s effort to clear regulatory frameworks. 

IDA plans to launch a testnet for the HKDA stablecoin quickly, with a full mainnet launch anticipated in direction of the tip of 2024. The corporate’s long-term imaginative and prescient extends past Hong Kong, with plans to develop their stablecoin choices to different areas with currencies pegged to the US greenback.