Hong Kong Stablecoin Issuer IDA Secures $6 Million Seed Funding
CryptoNewsTerminal Staff02 Sep, 2024
Hong Kong Stablecoin Issuer IDA Secures $6 Million Seed Funding
IDA, a Hong Kong-based stablecoin issuer, has announced a successful seed funding round, raising $6 million. The round was led by blockchain investment firm CMCC Global, with participation from IOSG Ventures, Anagram, GSR, SNZ, Yolo Investments, Kinetic, Chorus One, and Solana co-founder Raj Gokal. The funds raised will primarily support the development and launch of IDA's first stablecoin, the HKDA. The HKDA is designed to be pegged to the Hong Kong dollar and will facilitate seamless transactions within the local financial ecosystem. IDA's mission is to provide a reliable and transparent stablecoin solution for the Hong Kong market. The company believes that stablecoins have the potential to revolutionize the financial landscape by offering fast, secure, and cost-effective transactions. With this funding, IDA is poised to accelerate its growth and establish itself as a key player in the stablecoin market. The company's strong partnerships and experienced team position it well to meet the evolving needs of the financial industry.
