Hong Kong-based IDA digital asset company has raised $6 million in seed funding, with substantial backing from blockchain investors CMCC Global’s Titan Fund and Hashed. This financial milestone propels IDA toward the launch of its regulated stablecoin, the Hong Kong Dollar Anchor (HKDA). HKDA aims to transform cross-border trade payments between Hong Kong and international markets. It will be crucial in the evolving digital asset landscape by offering a secure and streamlined global commerce solution.
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Strategic Partnerships and Industry Support Bolster HKDA’s Launch
IDA’s vision is not just to offer a stablecoin; it is working on a strategic partnership map for HKDA. IDA has contacted vital industry players for minting, redemption, and using HKDA across various platforms. These developments are intended to help fill this gap of transitioning from Web 2.0 to the prospects of Web 3.0. This will allow companies to engage in global commerce in a streamlined manner.
The initial founding allowed the company to attract investors like Hack VC, Anagram, GSR, and Protagonist. Prominent angels like Solana’s co-founder Raj Gokal also invested in this round. Thus, the founding of Solana, Polygon, Aptos, and Mantra also become official IDA partners. HKDA can deliver massive industry support for rapid innovation in the digital economy.
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The co-founder of the IDA platform and CEO, Lawrence Chu, is also optimistic about the development of stablecoins. He estimates that the stablecoins market could grow to as much as $3 trillion within five years. He stated that IDA is about enabling cross-border trade solutions with blockchain to minimize complexities.
IDA has disclosed collaborating with the HKMA and FSTB to address the expected stablecoin rules. These regulators released a stablecoin consultation paper in July, coordinating with other countries to provide a coherent regulatory approach. HKDA has yet to be fully launched, and IDA has planned to do beta testing through the testnet soon. The mainnet is targeted to be out before the end of 2024. The company also intends to create more stablecoins in other countries possessing dollar-linked currencies. This means that IDA has already made a successful funding round for HKDA and has also built effective partnerships.
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Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.