IDA, a Hong Kong-based digital asset company, raised USD6M in Seed funding.
The round was led by CMCC Global, under its Titan Fund, and Hashed. Other investors included Hack VC, Anagram, GSR, Protagonist, Brinc, Chorus One, Kenetic, SNZ, and Yolo Investments as well as angel investors, such as Raj Gokal.
The company intends to use the funds to advance the development and launch of its first fiat-referenced stablecoin, HKDA, which is designed to be regulated in Hong Kong.
Co-founded by CEO Lawrence Chu, and CSO Sean Lee, IDA is a digital asset technology company working to improve the widespread adoption of blockchain finance and to empower businesses to integrate between Web2 and Web3.
HKDA, a fiat-referenced stablecoin built on public blockchain protocols, will be the first product launched by IDA. It is designed to drive enhanced digital connectivity for commerce and payments between Hong Kong and global markets, 24/7/365.
To optimize the network effect of HKDA for domestic and cross-border usage, IDA is partnering with industry players to facilitate the minting, redemption and widespread acceptance of HKDA as a payment and settlement digital currency. In subsequent phases, the company will also launch products denominated in other US Dollar (USD) pegged currencies with ecosystem partners across regulated financial institutions and Web3 platforms.
FinSMEs
03/09/2024