1. Successful Fundraising
2. Project Goals
3. Partners and Investors

Hong Kong-based IDA raised $6 million to develop HKDA, a fiat-referenced stablecoin tied to the Hong Kong Dollar.

Successful Fundraising

Hong Kong-based company IDA successfully raised $6 million in a seed funding round led by CMCC Global’s Titan Fund and Hashed. These investments will help IDA develop a regulated fiat-referenced stablecoin named Hong Kong Dollar Anchor (HKDA).

Project Goals

IDA aims to integrate traditional Web2 systems with the emerging Web3 ecosystem. HKDA is designed to streamline commerce and payments between Hong Kong and global markets, simplifying cross-border trade payments. Each token will be fully backed by at least 100% reserve assets held in regulated Hong Kong institutions.

Partners and Investors

IDA has partnered with key industry players to streamline the minting, redemption, and use of HKDA across various platforms. Besides Titan Fund and Hashed, the seed funding round saw the participation of Hack VC, Anagram, GSR, Protagonist, and several other investors, including Solana.

IDA plans to launch the HKDA mainnet by the end of 2024, transforming cross-border payments and simplifying the integration of Web2 and Web3 solutions.