TechFlow news — On September 2, according to PR Newswire, Hong Kong-based digital asset company IDA announced the completion of a $6 million seed funding round. The round was co-led by Titan Fund under renowned blockchain investment firm CMCC Global and Hashed. Participating investors include institutional investors such as Hack VC, Anagram, and GSR, as well as angel investors including Solana co-founder Raj Gokal.
IDA plans to use the funds to advance the development and issuance of its first fiat-backed stablecoin, HKDA, which aims to become a stablecoin regulated in Hong Kong. Sean Lee, co-founder and CSO of IDA, stated that the company has been actively engaging with the Hong Kong Monetary Authority and the Financial Services and the Treasury Bureau, planning to launch HKDA on the mainnet by the end of this year and expects to achieve regulatory clarity by early 2025.
