Hong Kong-based agency IDA has secured $6 million in seed funding to speed up the launch of its first fiat-referenced stablecoin.
IDA, a Hong Kong-based digital asset firm, has raised $6 million in seed funding led by CMCC International’s Titan Fund and Hashed to develop its first fiat-referenced and controlled stablecoin HKDA.
In a press launch on Sept. 2, the stablecoin issuer introduced that the funding spherical additionally noticed participation from a number of different traders, together with Hack VC, Anagram, GSR, and Protagonist, along with angel traders, similar to Solana co-founder Raj Gokal. Moreover, IDA has partnered with blockchain foundations like Solana, Polygon, and Aptos in a bid to “foster HKDA’s interoperability, accessibility, resilience, and liquidity.”
The funds will assist IDA’s efforts to have interaction with native regulatory our bodies such because the Hong Kong Financial Authority, because the agency anticipates vital progress within the stablecoin market, which it expects to develop to “over $3 trillion in the next five years.”
Sean Lee, co-founder and CSO of IDA, says HKDA is constructed on public blockchains and is predicted to launch on testnet quickly, with a mainnet launch deliberate by year-end and regulatory approval focused for early 2025. Ultimately, IDA goals to develop its choices past Hong Kong, focusing on different U.S. dollar-pegged economies and different nations alongside the Belt and Highway and International South initiatives, the press launch reads.
The funding spherical comes because the HKMA introduced its stablecoin sandbox individuals, who will start testing digital currencies backed by fiat. The HKMA clarified that individuals is not going to deal with public funds or solicit investments in the course of the preliminary sandbox section.
