Connect with us

Technology

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

Published

on

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.

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.   

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.

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.

More information can be found at www.hashed.com

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/ida-a-hong-kong-based-fiat-referenced-stablecoin-issuer-raised-usd6-million-seed-round-led-by-cmcc-global-and-hashed-302235610.html

SOURCE IDA

Continue Reading

Technology

Canton Fair Buyers Alliance Launched as the 140th Edition Opens

Published

on

By

GUANGZHOU, China, Oct. 17, 2026 /PRNewswire/ — On October 15, the Canton Fair Buyers Alliance was officially launched at the Canton Fair Complex, marking a significant milestone as the fair celebrates the 70th anniversary of its founding.

More than 140 overseas buyers attended the launch ceremony, highlighting the fair’s enduring role as a bridge connecting global commerce with China’s export sector.

Speaking at the ceremony, Luís Vilariça, CEO of Joinco, Import & Export, Ltd., discussed his company’s long-standing relationship with the Canton Fair. Drawing on years of participation, he reflected on the growth opportunities created through cooperation with Chinese suppliers and highlighted the fair’s role in supporting international business development and global trade exchanges.

The ceremony also featured a joint declaration by alliance members. Representatives from five member companies read the statement in their respective native languages, underscoring the international character of the new organization. Additional members sent video congratulatory messages, joining the celebration and witnessing the official launch of the alliance.

The Canton Fair Buyers Alliance represents one of the fair’s key service innovations. Designed primarily for Fortune Global 500 companies, buyers from the world’s top 250 retailers and leading sourcing enterprises across a diverse range of markets, the alliance aims to offer members a platform for information sharing and resource coordination. The first cohort of alliance members includes 58 companies from 32 countries and regions across 5 continents. Through the alliance, members will gain access to a range of priority benefits spanning four major areas: services, events, resources and information.

 For more convenient attendance, please click here for pre-registration:

https://buyer.cantonfair.org.cn/register/buyer/email?source_type=16

View original content to download multimedia:https://www.prnewswire.com/news-releases/canton-fair-buyers-alliance-launched-as-the-140th-edition-opens-302911896.html

SOURCE Canton Fair

Continue Reading

Technology

Bioethanol from human hair – Indian start-up’s solution to rising prices of grains and sugar

Published

on

By

GUJARAT, India, Oct. 17, 2026 /PRNewswire/ — In what could be called the beginning of the 5G (fifth-generation) of bioethanol or non-cellulosic bioethanol or non-sugar-based biofuels, an Indian start-up, Techofest Global, based out of Gujarat, has developed its own, indigenous, and patented technology for the production of bioethanol from waste human hair. Such processes would significantly reduce the employment of sugars, grains, and agricultural residues, which form the classical first- and second-generation bioethanol feedstocks. As a result, the rising fuel-vs.-food/fodder debate is anticipated to reduce, and instead, ethanol produced from municipal/industrial waste, after trials, can supplement the current supply being used as blends with presently retailed fossil fuels (E20, E27, etc.). 

As stated by Dr. Ravi, the founder-CEO of Techofest Global, the strategic priority and the USP of the start-up is industrial symbiosis, which, typically, involves an ecosystem of up-cycling/valorising the effluents of an industry, thereby creating a value-chain for residues often lacking an end-of-life. With more than three decades of experience in designing customized nuclear fusion reactors for international programmes, such as ITER, JET/UKAEA and SST-1, Dr. Ravi, a seasoned mechanical engineer, spearheads the start-up’s patented technologies’ scale-up and commercialization.

Two biochemical engineers, Dr. Navnit – the former CTO, and Dr. Kabilan – the former CEO of Biomakerz, Chennai, are the brains behind the current technology/process portfolio of the joint-venture between Techofest Global and Biomakerz. They have been working on biorefineries’ process intensification for more than a decade. “Having foreseen the fuel-vs-fodder/food competition as early as the year 2015, we began developing techno-economically feasible and viable in-vitro metabolically-engineered bioprocesses for scaling-up ethanol production from municipal waste streams between 2019–2021”, says Navnit. After developing operational technologies for international biofuel organizations, serving process engineer roles with certain biorefineries-related OMC R&D’s of India, Dr. Navnit, presently works for a premier academic institution.

An on-going fermentation trial at the Techofest Global-Biomakerz JV’s R&D facility

Techofest Global has developed and tested, in its R&D JV’s pilot-facility of ~100-L, 3 innovative and cost-effective technologies, such as 5G ethanol production using human hair, used cooking oil (UCO), and enriched bio-methane production from disposed sanitary napkins.

“With massive CapEx and OpEx, 2G ethanol technology is facing a major commercialization bottleneck, owing to competition with food/livestock fodder, requirement of a cost-intensive pre-treatment procedure, and the requirement of cellulolytic cocktails, which have a poor recycle efficiency. The proprietary 5G SAFE process developed for the start-up circumvents the mentioned constraints, and instead, utilizes a single-stage saccharification followed by fermentation, and records over 85–90% biocatalyst recovery. Likewise, the proprietary SIM process for bio-methane production, exclusively developed for the start-up, is 2x faster with improved intermittent feeding cycles and continuous gas harvest”, says Navnit.

“With on-going pre-commercialization trials, the proprietary ethanol and bio-methane processes of ours are soon being commercialized”, says Ms. Bhumika, the co-founder and the corporate advisor of the start-up. Furthermore, Mr. Ronak pilots the organization’s global market entry and commercialization frontier.

Techofest Global’s veteran Principal Technology Advisors include: Dr VS Tripathi, former Joint Director, DRDE Gwalior, Dr B S Munjal, former Director, Structures and Thermal group, SAC/ISRO, Academician and Advisor CIKS-Dharohar, GTU, and Dr AV Santhanababu, former Scientist at Satish Dhawan Space Centre. With on-going R&D activities, Dr. Munjal says, “the start-up is striving to provide a unique solution along the lines of the Atmanirbhar and Viksit Bharat Vision 2047”.

Media Contact: www.techofestglobal.com; e-mail: info@techofestglobal.com; contact person: The PR team of Techofest Global.

Photo: https://mmx.prnewswire.com/media/MS2015507/Picture1.jpg?id=OA3024965&token=5vT9XuZXAG0yamsZlRrsBAiUapaplm73wYH8NIfU0xCtOlj76dueXcTw2Eb-3w

View original content to download multimedia:https://www.prnewswire.com/in/news-releases/bioethanol-from-human-hair–indian-start-ups-solution-to-rising-prices-of-grains-and-sugar-302911813.html

Continue Reading

Technology

As AI Speeds Up Marketing, Louisville’s RedTag Bets on Strategy

Published

on

By

Independent agency unveils new brand and website, and co-hosts Louisville’s PROOF AI Workshop

LOUISVILLE, Ky., Oct. 17, 2026 /PRNewswire/ — RedTag, an independent Louisville-based marketing agency, this month unveiled new positioning, marking its evolution from a digital performance agency into a strategy-first marketing partner. The move comes as AI makes execution faster than ever, and RedTag is betting that strategy, not speed, is what will set businesses apart. Clients can now choose from outcome-based programs that best fit their marketing needs. 

“Clients don’t come to us needing more tactics. They come to us needing a path,” said Russ Renbarger, founder and CEO of RedTag. “Our new brand says out loud what our work has shown for years: We start with strategy and build everything on that foundation.”

RedTag built its reputation on high-performing paid digital campaigns. Over the years, the agency expanded into strategy, creative, video production and website development, giving clients one partner for the full scope of their marketing. Most recently, a team of automation specialists has integrated AI across the agency to speed up production and analysis, guided by an internal AI policy that keeps people accountable for quality. The time AI saves goes back into strategy: knowing what to say, who to say it to and why.

“Our best client relationships have always been partnerships, where we’re in the room when the big decisions get made,” said Alison Conway, chief client officer at RedTag. “This evolution is about bringing that strategic partnership to every client.”

On Oct. 14, RedTag co-hosted the PROOF AI Workshop with Slingshot, Vsimple and Advanced Business Solutions. The hands-on event gave Louisville business leaders practical experience applying AI to their own work. RedTag led the event’s AI in Marketing and Branding track, with four sessions ranging from AI search optimization to a playbook for adopting AI across an organization.

“AI can produce hundreds of ads in an afternoon, but it can’t tell you which one your brand actually needs and why,” Renbarger said. “The faster the tools get, the more valuable human-led strategy becomes.”

RedTag was named the agency of record for the Commonwealth of Kentucky in 2025. Its client list includes PGA of America, Castle & Key Distillery, Bourbon Barrel Foods, ShopCaterpillar and American Beverage Marketers. Since 2023, RedTag’s work has received two Emmy Awards and more than 35 ADDY and AIGA awards. The agency is a four-time Louisville Business First Fast 50 honoree and was named one of the 2026 Best Places to Work in Kentucky.

To learn more about its outcome-based programs, visit RedTag Programs

About RedTag

RedTag is an independent, strategy-first marketing agency based in Louisville, Kentucky. Established in 2008, the agency starts every engagement by understanding the goal before recommending tactics. With a foundation rooted in discovery, RedTag delivers full-scale marketing campaigns built around each client’s business goals. RedTag serves organizations across hospitality, sports, agriculture, government, retail and consumer packaged goods. Learn more at redtag.agency.

View original content to download multimedia:https://www.prnewswire.com/news-releases/as-ai-speeds-up-marketing-louisvilles-redtag-bets-on-strategy-302911869.html

SOURCE RED TAG LLC

Continue Reading

Trending