Hong Kong’s stablecoin issuer IDA raises $6m in round led by CMCC Global and Hashed

As a seasoned researcher with a keen interest in the dynamic world of finance and technology, I find the recent news about IDA’s seed funding round particularly intriguing. Having closely followed the development of stablecoins and their potential impact on global financial systems, it is exciting to see a Hong Kong-based firm taking a leading role in this space.


As an analyst based in Hong Kong, I’m thrilled to share that IDA, a company under my watch, has successfully raised $6 million in initial funding. This capital injection will propel us towards the swift introduction of our first stablecoin, which is pegged to fiat currency.

In simple terms, a digital money firm based in Hong Kong called IDA has secured a $6 million investment in its initial stage, with the main investor being CMCC Global’s Titan Fund and Hashed. This funding will be used to create their first stablecoin, named HKDA, which is tied to traditional currencies and complies with regulations.

On September 2nd, the stablecoin creator publicly announced that their recent funding round involved contributions from various investors. Among these were Hack VC, Anagram, GSR, Protagonist, as well as angel investors like Solana co-founder Raj Gokal. Furthermore, IDA has entered collaborations with blockchain organizations such as Solana, Polygon, and Aptos to enhance the interoperability, accessibility, robustness, and liquidity of HKDA.

The funds will support IDA’s efforts to engage with local regulatory bodies such as the Hong Kong Monetary Authority, as the firm anticipates significant growth in the stablecoin market, which it expects to expand to “over $3 trillion in the next five years.”

As a crypto investor, I’m excited about the upcoming launch of HKDA, a project co-founded by Sean Lee, the CSO of IDA. According to recent updates, HKDA is being developed on public blockchains and is expected to debut on testnet soon, with a mainnet release slated for later this year. The plan is to secure regulatory approval by early 2025. Beyond Hong Kong, IDA has ambitious expansion plans, aiming to extend its offerings to other U.S. dollar-pegged economies and nations that are part of the Belt and Road Initiative and Global South projects in the future.

The announcement of the stablecoin sandbox participants by the HKMA marks the beginning of their trials involving digital currencies tied to traditional money. Importantly, it was made clear that these participants will not be managing public funds nor seeking investments during the initial stage of this sandbox phase.

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2024-09-02 12:04