- IDA raises $6 million in seed funding to develop its first fiat stablecoin, HKDA.
- The undertaking is backed by main gamers together with Hashed and CMCC World's Titan Fund.
- The corporate goals to launch the primary HKDA community by the tip of 2024.
Hong Kong digital asset firm IDA has efficiently raised $6 million in seed funding, with main assist from blockchain traders CMCC World's Titan Fund and Hashed. This funding propels IDA to launch its pioneering fiat-linked regulated stablecoin, the Hong Kong Greenback Anchor (HKDA).
IDA goals to empower companies by bridging the hole between conventional Web2 techniques and the rising Web3 ecosystem. The HKDA is designed to simplify commerce and funds between Hong Kong and world markets and simplify cross-border commerce funds. Every token shall be totally backed by a minimum of 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 a number of platforms. Different notable traders together with Hack VC, Anagram, GSR, Protagonist and angel traders akin to Solana co-founder Raj Gokal participated within the seed funding spherical. Moreover, blockchain foundations from Solana, Polygon, Aptos and Mantra have joined forces with IDA as strategic companions.
Lawrence Chu, co-founder and CEO of IDA, expressed his optimism about the way forward for stablecoins, predicting that the market may develop to greater than $3 trillion over the subsequent 5 years. added:
“IDA's mission is to allow extra environment friendly and efficient cross-border commerce by means of blockchain for everybody.”
The IDA is working intently with the Hong Kong Financial Authority (HKMA) and the Monetary Providers and Treasury Bureau (FSTB) to adjust to the upcoming stablecoin rules. In July, these regulators introduced a session report on stablecoins. aligning the area's efforts on clear regulatory frameworks.
IDA plans to launch a testnet for HKDA stablecoins quickly, with a full mainnet launch anticipated by the tip of 2024. The corporate's long-term imaginative and prescient extends past Hong Kong with plans to increase the stablecoin providing to different areas with currencies pegged to the US greenback.
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