IDA Raises $6M to Launch Hong Kong Dollar-Backed Stablecoin

• IDA raises $6 million in seed funding to develop its first fiat-referenced stablecoin, HKDA.
• Major players, including Hashed and CMCC Global’s Titan Fund, back the project.
• The company aims to launch the HKDA mainnet by 2024-end.

Hong Kong-based digital asset company IDA has successfully raised $6 million in seed funding, with major backing from blockchain investors CMCC Global’s Titan Fund and Hashed. This investment propels IDA toward the launch of its groundbreaking fiat-referenced regulated stablecoin, Hong Kong Dollar Anchor (HKDA).

IDA aims to empower businesses by bridging the gap between traditional Web2 systems and 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.

IDA has partnered with key industry players to streamline the minting, redemption, and use of HKDA across various platforms. The seed funding round saw participation from other notable investors, including Hack VC, Anagram, GSR, Protagonist, and angel investors like Solana…

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