September 02, 2024
IDA, a leading digital asset company based in Hong Kong, has secured $6 million in seed funding. The round was led by prominent blockchain investors CMCC Global, through its Titan Fund, and Hashed. This funding will help IDA develop and launch its first fiat-referenced stablecoin, HKDA, which will be regulated in Hong Kong.
Project | Latest Raise | Latest Raise Date | Stage | Lead Investor | Category |
|---|---|---|---|---|---|
IDA | $6M | September 2, 2024 | Seed Round | CMCC Global, Hashed | Web3 |
Other investors in this round include Hack VC, Anagram, GSR, Protagonist, Brinc, Chorus One, Kenetic, SNZ, and Yolo Investments, along with notable angel investors like Raj Gokal, Co-founder of Solana. Additionally, blockchain foundations such as Solana, Polygon, Aptos, and Mantra are strategic partners, enhancing HKDA’s interoperability, accessibility, resilience, and liquidity.
Lawrence Chu, Co-founder and CEO of IDA, stated that with the stablecoin market cap currently around $170 billion, they expect it to grow to over $3 trillion in the next five years. This growth highlights the increasing importance of stablecoins in the digital currency landscape. IDA’s mission is to facilitate more effective and efficient cross-border trades through blockchain technology for everyone.
About IDA
IDA is a digital asset technology company based in Hong Kong. They focus on creating stablecoins, like HKDA, which are designed to be fully backed by reserves and regulated in Hong Kong. Their goal is to make global commerce and payments more seamless, transparent, and efficient by leveraging blockchain technology.
Website: https://www.idafi.xyz/
About Investor
The round was led by prominent blockchain investors CMCC Global, through its Titan Fund, and Hashed. Other investors in this round include Hack VC, Anagram, GSR, Protagonist, Brinc, Chorus One, Kenetic, SNZ, and Yolo Investments, along with notable angel investors like Raj Gokal, Co-founder of Solana. Additionally, blockchain foundations such as Solana, Polygon, Aptos, and Mantra are strategic partners
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