Hong- Kong is one of Asia’s fastest-evolving regions for cryptocurrencies and related activities. The region is closely competing with the United Arab Emirates (UAE), which is also among the leading evolving crypto hubs globally.
As per a recent announcement, IDA, a Hong- Kong-based cryptocurrency firm, has completed its seed funding round of $6 Million. The funding round is solely raised to support the development of the launch of HKDA.
Big milestone to #IDA!We’ve secured USD 6 million in seed funding to bring our fiat-referenced stablecoin, #HKDA, to life soon! Thank you all our investors and strategic blockchain partners! Let's unleash the power of stablecoins! Full release: https://t.co/EarK9hyUr1 pic.twitter.com/7Yx84HLiq7
— IDA (@IDAfi24) September 2, 2024
In its seed funding round, major investors include Hack VC, Yolo Investment, Chorus One, and Raj Gokal, among several others.
According to additional information HKDA is yet to be launched stablecoin by IDA. It is the first fiat-backed stablecoin IDA to launch, although the date has yet to be disclosed.
Lawrence Chu, the cofounder and CEO of IDA, highlighted, “With the current total stablecoins market cap roughly $170 billion, we expect stablecoins to rise over $3 trillion in the next five years.”
Chu additionally notes, “This exponential growth will underscore the increasing significance of stablecoins in the broader digital currency landscapes. Thus, IDA’s mission is to facilitate more effective and efficient cross-border trades through the blockchain for everyone.”
IDA’s cofounder and CSO noted that following the successful funding round, “The first goal of IDA is to enable mass adoption and empower businesses to integrate seamlessly between Web2 and Web3.”
He added, “To achieve this, IDA has begun active engagements with the Hong Kong Monetary Authority (HKMA) and the Financial Services and the Treasury Bureau (FSTB), as well as domestic partners in the ecosystem, to issue regulated stablecoins in Hong Kong.”
Stablecoin Market Overview
Following the mainstream popularity of digital currency, stablecoin emerged as one of the strongest contenders in the market. Data from Forbes states that the entire stablecoin market capitalization was $171.0 billion till press time.
In terms of market capitalization, Tether (USDT) stands at the top with $118.04 Billion in the cap, followed by USDC (USDC) with $34.76 Billion. It is crucial to note that the USDT market cap is content with the capitalization of Ethereum.
ShezmuETH is the market’s most valued stablecoin, trading at $2.63k, followed by Quorium (QGold) at $2.51k. In terms of trading volume, USDT is the most traded, followed by USDC, DAI, FDUSD, and USDE.
In the past 24 hours, the Dackie USD market grew significantly, adding 423.83%.
Market News Updates
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