Hong Kong-based firm IDA has announced securing $6 million in seed funding to develop its first fiat-referenced stablecoin, HKDA.
Funding Round
IDA, a Hong Kong-based digital asset company, has raised $6 million in seed funding to develop its first fiat-referenced and regulated stablecoin HKDA. The funding round was led by CMCC Global’s Titan Fund and Hashed, with participation from Hack VC, Anagram, GSR, and Protagonist. Angel investors, including Solana co-founder Raj Gokal, also participated.
Partnerships
IDA has partnered with blockchain foundations such as Solana, Polygon, and Aptos to foster HKDA’s interoperability, accessibility, resilience, and liquidity. The firm is also engaging with local regulatory bodies like the Hong Kong Monetary Authority (HKMA).
Future Plans
According to Sean Lee, co-founder and CSO of IDA, HKDA will soon be launched on a testnet, with a mainnet release planned by year-end and regulatory approval targeted for early 2025. Eventually, IDA aims to expand its offerings beyond Hong Kong, targeting other U.S. dollar-pegged economies and nations under the Belt and Road and Global South initiatives.
The funding round comes as the HKMA announced its stablecoin sandbox participants, who will begin testing digital currencies backed by fiat without handling public funds or soliciting investments during the initial sandbox phase.
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