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IDA, a Hong Kong-based Fiat-referenced Stablecoin Issuer, Raised USD6 Million Seed Round Led by CMCC Global and Hashed

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HONG KONG, Sept. 2, 2024 /PRNewswire/ — IDA, a premier Hong Kong-based digital asset company, has raised USD6 million in a seed funding round led by prominent blockchain investors CMCC Global, under its Titan Fund, and Hashed. This capital injection will enable IDA to advance the development and launch of its first fiat-referenced stablecoin, HKDA, which is designed to be regulated in Hong Kong.

Additional participants in this round also include Hack VC, Anagram, GSR, Protagonist, Brinc, Chorus One, Kenetic, SNZ, and Yolo Investments as well as notable angel investors, such as Raj Gokal, Co-founder of Solana.  Aside from providing funding, leading blockchain foundations of Solana, Polygon, Aptos, and Mantra are also IDA’s strategic blockchain partners to foster HKDA’s interoperability, accessibility, resilience, and liquidity.

“With the current total stablecoins market cap around USD170 billion, we expect stablecoins to grow over USD3 trillion in the next 5 years.  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,” said Lawrence Chu, Co-founder and CEO of IDA.

Sean Lee, Co-founder and CSO of IDA added, “the first goal of IDA is to enable mass adoption and empower businesses to seamlessly integrate between Web2 and Web3. 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. HKDA, our first fiat-referenced stablecoin built on public blockchains, will shortly be heading onto testnet. We intend for our mainnet launch before the end of this year and achieve regulatory clarity in early 2025.”

CMCC Global, one of Asia’s first VC funds focused purely on blockchain and cryptocurrency, is thrilled to lead this funding round and partner with IDA to push the boundaries in Web3 space. “As a Hong Kong-based company, we are excited to support innovative Web3 companies like IDA that are leveraging blockchain finance and stablecoins to create solutions addressing real-world challenges,” said Martin Baumann, Co-founder and Managing Partner of CMCC Global.

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Hashed, a global early-stage venture fund focused on backing founders who are pioneering the future of blockchain and cryptocurrency, also shares the same vision as IDA. “We anticipate wider mainstream adoption of stablecoins in real-world trades and settlements. With Hong Kong’s position as Asia’s financial hub and its recent push for a stablecoin legislative framework, we expect IDA to spearhead the coming changes. Their unique blend of expertise in traditional finance and blockchain technology positions them perfectly to bridge conventional and digital financial systems, potentially reshaping finance across Asia and beyond,” said Ryan Kim, Founding Partner at Hashed.

Starting initially in Hong Kong, IDA will leverage the forefront of fintech and Web3 to reach other countries whose currency is also pegged to the USD. Over time, IDA aims to share their innovations and grow their business to other nations along the Belt and Road and Global South initiatives.  More exciting partnerships will be announced to unlock a more inclusive and connected global marketplace.

Note: The current total stablecoins market cap is based on the data provided by defillama.com at 18:00 HKT on 2024-08-26.

About IDA Finance Hong Kong Limited (IDA)

IDA is the premier digital asset technology company to spearhead the widespread adoption of blockchain finance and to empower businesses to seamlessly integrate between Web2 and Web3.   

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HKDA, a fiat-referenced stablecoin built on public blockchain protocols, will be the first product launched by IDA.  HKDA is designed to drive enhanced digital connectivity for seamless commerce and payments between Hong Kong and global markets, 24/7/365.  To maintain the highest level of security and stability, all circulating HKDA will always be fully backed by at least 100% reserve assets in regulated Hong Kong based authorized institutions.   

To maximize the network effect of HKDA for domestic and cross-border usage, IDA is partnering with key industry players to facilitate the minting, redemption and widespread acceptance of HKDA as a payment and settlement digital currency.   In subsequent phases, IDA will also launch key products denominated in other US Dollar (USD) pegged currencies with ecosystem partners across regulated financial institutions and Web3 platforms. 

More information can be found at www.idafi.xyz / LinkedIn / X 

About CMCC Global & Titan Fund

CMCC Global is one of Asia’s first venture capital companies focused solely on blockchain and Web3 investments. CMCC Global has an enviable record of investing early in leading projects such as Ethereum (ETH) at USD7, Solana (SOL) at USD0.20 and Cosmos (ATOM) at USD0.10. CMCC Global has reached assets under management (AUM) of over USD500 million across its funds and is known as a high-conviction investor. Today the company has offices in Asia, North America and Europe and operates several funds with different strategies including the CMCC Global Digital Asset Fund, the Titan Fund and its two funds of quantitative trading hedge funds Crest and SYZCrest.

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More information can be found at www.cmcc.vc

Titan Fund offers accredited investors exposure to attractive growth opportunities within the blockchain ecosystem through a traditional equity venture capital investment strategy focusing on seed to series A/B along the key investment verticals of Infrastructure, Fintech and Consumer Applications.  The Titan Fund is CMCC Global’s latest fund strategy and complements its Digital Asset Funds, which have been investing directly into protocols and digital assets since 2016, and its Crest family of funds that invests into crypto and quant funds.

More information can be found at www.titan.fund 

About Hashed

Founded by a team of serial entrepreneurs and engineers in 2017, Hashed is the preeminent blockchain firm in Asia with a portfolio that spans the globe. We started Hashed because we saw an opportunity for blockchain to not only reinvent the global financial system, but the very fabric of the internet itself. This is one of the most consequential moments in human history — an opportunity to overlay the power of digital networks onto human ones, and to usher in a future where technology empowers individuals, and not the other way around.

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More information can be found at www.hashed.com

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Blocks & Headlines: Today in Blockchain – May 9, 2025 | Robinhood, Solana, Tether, China, Women in Web3

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Today’s blockchain landscape pulses with innovation, expansion and strategic jockeying. From established trading platforms laying the groundwork for international tokenized US asset markets to fresh efforts empowering women in Web3, the industry is evolving at frantic pace. Solana-based tokenization pathways, China’s state-driven blockchain masterplan and Tether’s push onto new Layer-1 rails further underscore diversification. In this daily op-ed, we unpack five major developments—examining what they mean for DeFi growth, NFT marketplaces, regulatory contours and the ongoing quest for greater inclusivity in crypto.


1. Robinhood’s European Blockchain Trading Ambitions

News Summary
Robinhood Markets Inc. is reportedly constructing its own blockchain infrastructure to facilitate trading of U.S. equities and other assets in European markets. Insiders suggest the project seeks to leverage distributed-ledger technology for settlement efficiency, near-real-time clearing and reduced reliance on legacy central counterparties. The move signals Robinhood’s ambition to transcend its domestic brokerage roots and capture European retail and institutional order flow.

Key Details

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  • Infrastructure Build: A private, permissioned ledger governed by Robinhood and selected counterparties.

  • Asset Scope: U.S. equities, ETFs and potentially tokenized debt instruments.

  • Regulatory Interface: Engagements with the U.K. Financial Conduct Authority (FCA) and European Securities and Markets Authority (ESMA) to align on custody and market-making rules.

  • Timeline: Internal pilots slated for Q4 2025, with public rollout in mid-2026.

Analysis & Opinion
Robinhood’s pivot underscores a broader industry trend: exchanges and brokerages striving to “own the rails” rather than simply interface with existing clearinghouses. By internalizing settlement on a bespoke blockchain, Robinhood hopes to slash settlement times from T+2 to near-instant, a boon for liquidity providers and high-frequency traders. However, risks include the complexity of cross-border regulatory compliance and the operational challenge of maintaining robust on-chain and off-chain reconciliations.

From a DeFi convergence standpoint, Robinhood’s ledger could bridge traditional and decentralized finance, enabling tokenized margin lending and programmable corporate actions directly on-chain. Should Robinhood open permission to DeFi protocols, we may witness new hybrid liquidity pools that blend CEX order books with AMM liquidity. This would mark a milestone in mainstream DeFi adoption—and potentially pressure incumbents like Nasdaq to innovate their own on-chain settlement layers.

Source: Bloomberg


2. Women in Web3: Cultivating Greater Gender Diversity

News Summary
A recent deep-dive from Cointelegraph spotlights the persistent gender gap in blockchain and crypto. Despite Web3’s ethos of decentralization, women represent less than 20 percent of crypto investors and under 10 percent of core development teams. The article outlines initiatives—from targeted grants and incubation programs to mentorship networks—aimed at lowering barriers and attracting more female talent.

Key Details

  • Current Statistics: Women account for approximately 17 percent of crypto traders globally; in development, the share dips below 8 percent.

  • Notable Initiatives:

    • Women in Blockchain Fund: USD 50 million allocated for early-stage female founders.

    • Global Web3 Sisters Network: Mentorship platform pairing novices with veteran executives.

    • University Partnerships: Scholarships for women studying blockchain engineering and cryptography.

Analysis & Opinion
Web3’s promise of equal-opportunity innovation rings hollow if half the population remains sidelined. Heightened grant funding and mentorship can help, but systemic change requires cultural shifts within DAOs, core teams and investor circles. Projects and protocols must adopt policies—like blind code reviews, diversity hiring quotas and inclusive governance frameworks—to ensure sustainable participation.

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Moreover, as the industry grapples with regulatory scrutiny, diverse leadership can foster better risk management and community trust. Women leaders have often been at the forefront of compliance, ethics and consumer protection—even in traditional finance—qualities sorely needed in crypto’s maturing phase. Token projects that embed gender-diverse advisory boards may see stronger reputational profiles and wider community buy-in.

Source: Cointelegraph


3. SOL Strategies: Tokenizing Shares on Solana

News Summary
SOL Strategies, a financial-services startup, is exploring a pathway to tokenize private and publicly traded shares on the Solana blockchain. Their recently filed whitepaper proposes a framework where equity is represented as SPL tokens, enabling fractional ownership, 24/7 trading and programmable dividend distributions.

Key Details

  • Token Standard: Extension of Solana Program Library (SPL) with “Equity Token” schema.

  • Custody Model: Licensed custodian holds underlying shares; token holders have legal claim via smart-contract link.

  • Compliance Layer: On-chain KYC/AML middleware to restrict token transfers to approved wallets.

  • Pilot Partners: Early engagements with two mid-cap European tech firms eyeing capital-raising via tokenization.

Analysis & Opinion
Tokenized equity stands to revolutionize capital markets by lowering minimum investment thresholds and unlocking global liquidity. On Solana, with its sub-second finality and low fees, fractional shares could trade seamlessly—outpacing Ethereum’s scalability challenges. Yet the critical hurdle lies in regulatory acceptance: will securities regulators view these tokens as bona fide equity or as unregistered securities?

SOL Strategies’ integrated custody approach could mollify regulators, replicating existing T+2 standards while enabling T+0 settlement on-chain. Should they secure regulatory sandbox approvals in the U.K. or Singapore, other blockchains—like Stellar and Polkadot—may race to develop similar tokenization toolkits. For DeFi protocols, tokenized equities could become collateral in lending pools, further intertwining traditional and decentralized finance.

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Source: Newsfile Corp.


4. China’s Blockchain Playbook: Infrastructure, Influence & New Frontiers

News Summary
The Center for Strategic and International Studies (CSIS) published an extensive analysis of China’s state-driven blockchain strategy. Beyond its digital yuan rollout, Beijing is investing in cross-border infrastructure, influencing global standards bodies and forging Belt and Road blockchain corridors across Asia, Africa and Latin America.

Key Details

  • Key Initiatives:

    • BSN 2.0: Blueprint for national and international consortium chains.

    • International Standards: Active lobbying in ISO/TC 307 for governance models favoring state-actors.

    • Tech Diplomacy: Blockchain MOUs with Pakistan, Indonesia and several African union members.

  • Strategic Goals: Extend digital yuan acceptance, export Chinese ledger tech, shape global governance.

Analysis & Opinion
China’s multi-pronged approach signals blockchain’s emergence as a theater of geopolitical competition. By undercutting SWIFT dependency and offering turnkey consortium-chain solutions, Beijing enhances its financial influence in Belt and Road countries. Western governments and multinationals must navigate this blockchain bifurcation—between open public rails and permissioned state-backed consortia.

For crypto projects, the CSIS report offers both caution and opportunity. While the digital yuan may corner state-aligned corridors, decentralized networks remain resilient by design. Projects focusing on interoperability—such as Polkadot bridges and Cosmos IBC—can link fragmented chains and preserve open value transfer. Investors should monitor on-chain metrics in emerging markets, as Chinese-backed consortium chains gain traction in cross-border trade finance.

Source: CSIS


5. Tether Expands Stablecoin Reach to 196 Million Users via Kaia

News Summary
Tether has launched USDT on the Kaia blockchain, bringing its flagship stablecoin to Kaia’s user base of approximately 196 million. Kaia, a burgeoning Layer-1 optimized for high-throughput mobile applications, opens new corridors for USDT in gaming, remittances and micro-trading in emerging markets.

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Key Details

  • Technical Integration: USDT issued as a native Kaia token, supported by Tether’s reserve-backing audit framework.

  • User Impact: Near-zero fees for micro-transactions; sub-second confirmation times even on mobile networks.

  • Partnership Scope: Integration with Kaia’s wallet SDK and gaming marketplace; joint launch of an educational DApp for fiat-on-ramp literacy.

Analysis & Opinion
By deploying on Kaia, Tether diversifies its blockchain footprint beyond Ethereum, Tron and Solana, underscoring a multi-chain thesis for stablecoin ubiquity. Emerging-market users—often plagued by volatile local currencies—stand to benefit immensely from a mobile-first, low-cost remittance rail. Moreover, Kaia’s developer incentives may spawn DeFi lending dApps collateralized by USDT, fueling localized credit markets.

Yet healthy competition among blockchains for stablecoin volume could concentrate risk: reserve transparency, network stability and regulatory compliance will differentiate winners. Tether’s public attestations and reserve audits are critical, but as US regulators intensify scrutiny on stablecoin giants, projects deploying on smaller chains may face fresh legal complexities around money-transmission licensing.

Source: Bitcoin.com


Conclusion & Key Takeaways

  • Institutional On-ramp Acceleration: Robinhood’s European chain signals major brokerages view blockchain as core infrastructure—not mere gadget.

  • Inclusivity Imperative: Women’s underrepresentation remains a blindspot; targeted grants and cultural reforms are needed for equal Web3 participation.

  • Tokenization Tide: Solana’s high-speed rails may host the next wave of equity tokens, bridging capital markets and DeFi.

  • Geopolitical Battlegrounds: China’s consortium chains and digital-yuan corridors illustrate how blockchain is reshaping global influence.

  • Stablecoin Multichain Strategy: Tether’s Kaia integration reflects the logic of diversifying rails to reach underserved, mobile-first users.

As blockchain advances, the interplay between technological innovation, regulatory frameworks and social inclusion will define whether the next chapter of crypto fulfills its vision of open, equitable finance—or replicates old hierarchies in digital garb. Today’s headlines underscore that the path forward lies in cross-chain interoperability, proactive policy-shaping, and a relentless focus on broadening the community that stewards and benefits from these transformative networks.

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Blockchain Press Releases

MEXC Lists USD1, Accelerating Global Stablecoin Innovation with World Liberty Financial

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VICTORIA, Seychelles, May 8, 2025 /PRNewswire/ — MEXC, a leading global cryptocurrency exchange, announced that it will list World Liberty Financial USD (USD1) in the Innovation Zone on May 9, 2025 (UTC). The USD1/USDT trading pair will also open at 08:00 on May 8, 2025 (UTC), and the MEXC Convert feature will be available from 09:00 on May 8, 2025 (UTC), offering users a seamless asset conversion experience. This listing expands the range of digital assets on the platform and further demonstrates MEXC’s commitment to advancing the global stablecoin ecosystem.

USD1: A New Era in Stablecoins and Financial Transparency

USD1 is World Liberty Financial (WLFI)’s stablecoin that provides secure and transparent digital asset services for global users. The stablecoin is backed 1:1 by the US dollar, with its reserve assets custodied by BitGo, held and subject to regular audits by third-party accounting firms to ensure transparency and stability. Currently, USD1 is deployed on both Ethereum and BNB Chain, with plans to expand to additional blockchains in the future to enhance interoperability.

Furthermore, USD1 has made significant strides in the decentralized finance (DeFi) ecosystem. For example, ListaDAO has launched a USD1 lending vault on BNB Chain, providing liquidity support for 20 million USD1. Renowned market maker DWF Labs has also deployed USD1 liquidity across multiple platforms, further enhancing its availability and market depth. According to the data from CoinMarketCap, USD1’s market capitalization has surpassed USD 2.12 billion, demonstrating strong market demand.

Special Promotion to Celebrate the Listing

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To celebrate the successful listing of USD1, MEXC is launching a series of special offers to thank its users for their support. Starting May 8, 2025, at 08:00 (UTC), users can enjoy the following benefits:

  • Zero Trading Fees: The USD1/USDT spot trading pair will have 0 trading fees.
  • Zero Withdrawal Fees: Users will enjoy 0 withdrawal fees when withdrawing USD1.

MEXC Drives the Evolution of Stablecoins Through Ecosystem Empowerment

As a leading global cryptocurrency exchange, MEXC has earned the trust of 36 million users across 170+ countries worldwide, thanks to its fast token listing process, diverse asset offerings, deep liquidity, and robust security. At the same time, MEXC continues to empower quality projects and partners, actively promoting the healthy development of the global digital asset and stablecoin ecosystem.

Looking Ahead: A Shared Vision for the Future of Stablecoins

MEXC’s listing partnership with World Liberty Financial further drives innovation in the development of stablecoins. Looking ahead, MEXC will continue to strengthen its support for stablecoin projects, promoting the widespread adoption of stablecoins globally. At the same time, the platform will keep iterating its products and services to provide users with a more secure and seamless trading experience.

About MEXC
Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto.” Serving over 36 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, everyday airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.
MEXC Official Website X Telegram |How to Sign Up on MEXC

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Risk Disclaimer:
The information provided in this article regarding cryptocurrencies does not constitute investment advice. Given the highly volatile nature of the cryptocurrency market, investors are encouraged to carefully assess market fluctuations, the fundamentals of projects, and potential financial risks before making any trading decisions.

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Blockchain Press Releases

BingX Unveils ChainSpot: A CeDeFi Innovation for Simpler and Safer On-Chain Trading

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PANAMA CITY, May 8, 2025 /PRNewswire/ — BingX, a leading global cryptocurrency exchange, is proud to unveil ChainSpot, a pioneering CeDeFi (Centralized-Decentralized Finance) feature that empowers users to access decentralized tokens directly from their BingX accounts — without the need for external wallets or complex on-chain processes. As part of its 7th anniversary celebration, BingX becomes one of the first major exchanges to roll out such a hybrid product, signaling a bold leap forward in its product evolution.

With the promise of “One Tap, All Chains”, ChainSpot introduces an effortless way to explore and trade on-chain assets while staying fully protected by BingX’s centralized infrastructure. As a CeDeFi innovation, it blends the best of both centralized and decentralized worlds — offering the ease and reliability of a centralized exchange with the openness and innovation of DeFi protocols.

Key Benefits of ChainSpot
Designed to make on-chain trading simpler and safer, ChainSpot offers a host of features that enhance user experience:

  • Enhanced Security: Users enjoy trusted safeguards like two-factor authentication and cold wallet storage while interacting with decentralized markets.
  • Broader Asset Access: Seamlessly explore trending DeFi tokens and new on-chain projects — no bridges, no external wallet setup required.
  • Smarter Discovery: AI-driven filters surface high-quality DeFi projects quickly, reducing research time and noise.
  • Cross-Chain Compatibility: Built for a multi-chain future, ChainSpot supports cross-chain asset trading efficiently — all within one centralized interface.

Vivien Lin, Chief Product Officer of BingX, commented on the launch: “Over the past seven years, BingX has grown by staying close to our users. ChainSpot is a direct result of listening to their desire for more flexible, decentralized opportunities — without losing the security and convenience of our platform. Our goal with ChainSpot is to redefine what access to DeFi looks like, making it simple, intuitive, and protected. This isn’t just another feature — it’s part of a broader vision to shape a financial future where innovation meets inclusivity, and where security coexists with freedom.”

ChainSpot marks a strategic milestone in BingX’s evolution as a CeDeFi enabler. As the platform continues to expand its ecosystem, more innovative features and product enhancements are expected in the months ahead. Whether you’re a seasoned trader or just getting started in crypto, ChainSpot opens the door to DeFi’s full potential — without the friction.

About BingX

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Founded in 2018, BingX is a leading crypto exchange, serving over 20 million users worldwide. BingX offers diversified products and services, including spot, derivatives, copy trading, and asset management – all designed for the evolving needs of users, from beginners to professionals. BingX is committed to providing a trustworthy platform that empowers users with innovative tools and features to elevate their trading proficiency. In 2024, BingX proudly became the official crypto exchange partner of Chelsea Football Club, marking an exciting debut in the world of sports.

For more information please visit: https://bingx.com/

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