Hong Kong stablecoin issuer IDA completes a $6 million seed round financing, led by CMCC Global and Hashed.

DeepFlow TechFlow News, on September 2nd, according to PR Newswire, Hong Kong-based digital asset company IDA announced the completion of a $6 million seed round financing. This round of financing was co-led by well-known blockchain investment institutions CMCC Global's Titan Fund and Hashed. Other participants in this round of financing include institutional investors such as Hack VC, Anagram, GSR, and angel investors like Solana co-founder Raj Gokal. IDA plans to use this funding to advance the development and issuance of its first fiat reference stablecoin HKDA. HKDA aims to be a stablecoin under Hong Kong regulation. IDA co-founder and CEO Lawrence Chu stated that the stablecoin market value is expected to exceed $3 trillion in the next 5 years. IDA's mission is to promote more efficient cross-border transactions through blockchain technology. Co-founder and CSO Sean Lee added that IDA has been actively communicating 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 aiming to obtain regulatory clarity by early 2025.