Fintech PR
IDA, a Hong Kong-based Fiat-referenced Stablecoin Issuer, Raised USD6 Million Seed Round Led by CMCC Global and Hashed
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
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Exclusive collaboration enhances wealth management services with cutting-edge data aggregation and performance reporting tools
NEW YORK, Sept. 19, 2024 /PRNewswire/ — Itaú Private, a leading provider of private banking services, has announced an exclusive partnership with Addepar, a global leader in technology and data solutions for investment professionals. This strategic collaboration grants Itaú Private exclusive access to Addepar’s comprehensive data aggregation and performance reporting platform in Brazil, enhancing the bank’s ability to deliver superior service and investment solutions to its advisors and clients.
Through this partnership, Itaú Private clients will gain access to powerful tools and detailed reports that provide insights into their global wealth—both onshore and offshore—including returns, transactions, historical data, and balances. These capabilities will enable a fully automated and personalized evaluation of each client’s unique financial interests and needs.
“The partnership with Addepar brings a new level of sophistication to the services we offer, allowing us to better align our solutions with each client’s distinct goals,” said Fernando Beyruti, Global Head of Itaú Private Bank. “This initiative also enables us to introduce an advisory model that evaluates clients’ total assets, deepening our relationships and reinforcing our commitment to client-centric services.”
Addepar serves a global client base, providing advanced financial technology solutions to investment professionals across more than 45 countries. The platform currently supports over $6 trillion in assets under management, offering robust data aggregation and performance reporting tools that empower clients to make better decisions and deliver more informed advice.
“We are excited to collaborate with a market leader like Itaú Private, enabling us to bring our advanced financial technology solutions to one of the most dynamic and innovative private banks in the world,” said Peter O’Brien, Global Head of Sales and Partnerships at Addepar. “Together, we are committed to empowering Itaú Private’s advisors with state-of-the-art tools that drive efficiency and deliver exceptional value to clients.”
About Addepar
Addepar is a global technology and data company that empowers investment professionals to deliver precise and informed guidance to their clients. Trusted by hundreds of thousands of users worldwide, Addepar’s platform aggregates portfolio, market, and client data for over $6 trillion in assets. The platform integrates with more than 100 software, data, and service partners, providing a comprehensive solution for a diverse range of firms and use cases. Addepar has a global presence, with offices in Silicon Valley, New York City, Salt Lake City, Chicago, London, Dublin, Edinburgh, and Pune.
About Itaú Private
Itaú Private is a market leader with approximately R$ 880 billion in allocated capital—R$660 billion onshore and R$162 billion offshore (as of March 2024)—and holds around 30% market share in its segment in Brazil, according to data from Anbima. With a team of around 800 employees, including 350 professionals across its international offices in the United States, Portugal, Switzerland, and the Bahamas. Miami is Itaú Private’s international hub that provides clients with wealth management and banking products and services, including portfolio management and personalized advice by experienced investment professionals. In Switzerland, the conglomerate has a bank, and in the Bahamas, a trust management company, which helps to serve clients who have to set up investment structures abroad.
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Kroll expands Relativity partnership to deliver advanced data-led insights for compliance, investigations and across the litigation lifecycle
NEW YORK, Sept. 19, 2024 /PRNewswire/ — Kroll, the leading independent provider of global risk and financial advisory solutions, announced today that it has become a Relativity Gold Provider Partner for delivering exceptional client service to its RelativityOne user base.
This recognition underscores Kroll’s commitment to leveraging the capabilities of RelativityOne, Relativity’s SaaS product that manages large volumes of data and quickly identifies key issues during litigation and internal investigations. Kroll’s integrated approach and proficient use of RelativityOne globally provides clients improved accuracy and efficiency on complex investigations and data breaches, and as part of the diligence process for large corporate transactions.
“Reaching the Relativity Gold Partner status demonstrates our commitment to enhancing the discovery market and underlines the quality of service that we offer our clients on highly sensitive critical matters at a global scale,” said Dave Rogers, Managing Director, Cyber Risk at Kroll. “As we continue to invest and upskill our team, our clients will benefit from even deeper expertise, insights and speed.”
A Relativity partner for over a decade with more than 40 Relativity certifications, Kroll notably achieved Contract Review and Cybersecurity competencies as part of its transition to Relativity Gold Provider Partner status.
The Relativity Gold Provider Partner tier is part of the Relativity Partner Program and recognizes organizations that have reached a high bar for experience, customer satisfaction, training and certifications. Provider Partners deliver tailored solutions to clients through partner-licensed deployment of Relativity software and support customers in their use of Relativity solutions.
“Kroll’s new status as a Relativity Gold Provider Partner is a clear reflection of their dedication to fulfilling the vast litigation, privacy and investigation needs of their clients,” said Laurie Usewicz, Chief Partner Officer at Relativity. “The Kroll team has earned this distinction for delivering high-quality, customized support through their use of Relativity solutions.”
For more information on Kroll’s Cyber Risk business, please click here.
About Kroll
As the leading independent provider of risk and financial advisory solutions, Kroll leverages our unique insights, data and technology to help clients stay ahead of complex demands. Kroll’s team of more than 6,500 professionals worldwide continues the firm’s nearly 100-year history of trusted expertise spanning risk, governance, transactions and valuation. Our advanced solutions and intelligence provide clients the foresight they need to create an enduring competitive advantage. At Kroll, our values define who we are and how we partner with clients and communities. Learn more at kroll.com.
About Relativity
Relativity makes software to help users organize data, discover the truth and act on it. Its SaaS product, RelativityOne, manages large volumes of data and quickly identifies key issues during litigation and internal investigations. Relativity has more than 300,000 users in approximately 40 countries serving thousands of organizations globally primarily in legal, financial services and government sectors, including the U.S. Department of Justice and 198 of the Am Law 200. Please contact Relativity at [email protected] or visit www.relativity.com for more information.
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Fintech PR
The Official Opening of Nobu Bangkok at ‘EA’ Rooftop at The Empire, the Announcement of Nobu Residences Bangkok, and the Groundbreaking of The Plaza Athénée Nobu Hotel and Spa Bangkok Were Celebrated with a Special Sake Ceremony
NEW YORK, Sept. 19, 2024 /PRNewswire/ — Nobu Bangkok together with Thailand’s leading integrated lifestyle real-estate group Asset World Corporation (AWC), celebrated its grand opening with a sake ceremony, symbolizing good fortune and the beginning of this exciting new chapter. Located on the 57th and 58th floors and rooftop of The Empire at the heart of Bangkok’s CBD, Nobu Bangkok delivers an extraordinary dining experience, blending the luxurious aesthetics of Thai and Japanese design. Conceptualized by the world-renowned Rockwell Group, the restaurant’s design incorporates intricate carvings and golden hues inspired by Thai temples, juxtaposed with the minimalist elegance of Japanese design, creating a truly unique culinary setting
In an ongoing collaboration with Asset World Corporation, luxury lifestyle brand Nobu Hospitality is proud to announce its first service residential project in Thailand—Nobu Residences Bangkok. This exciting development follows the announcements of Nobu Hotel Bangkok and The Plaza Athénée Nobu Hotel and Spa Bangkok, as well as the official opening of Nobu Bangkok at The Empire. Together, these ventures reinforce Nobu’s expanding presence in the city. Nobu Residences Bangkok will feature 60 exclusive units, available as part of the hotel’s inventory, rather than for individual sale.
Strategically located near the Chao Phraya River, Nobu Residences Bangkok offers unparalleled access to the best the city has to offer. Available for both short and long-term stays, residents will enjoy world-class amenities, including 24/7 concierge service. Residents can also access the hotel’s premium facilities, such as the Nobu Restaurant, a rooftop bar lounge boasting panoramic views of Bangkok’s skyline, a state-of-the-art fitness center, and an exclusive residents’ lounge. The residences are designed with Nobu’s signature attention to detail, blending purposeful design with elevated living.
Adding to the significance of the day, a groundbreaking ceremony was held for The Plaza Athénée Nobu Hotel and Spa Bangkok at its future location, the East Asiatic Heritage Site. This iconic development will be situated in the historic East Asiatic Company (EAC) building, located on the banks of the Chao Phraya River in Bangkok. The building, dating back to 1884, was founded by Danish mariner and entrepreneur Captain Hans Niels Andersen. The Plaza Athénée Nobu Hotel and Spa Bangkok will be twinned with the Plaza Athénée Nobu Hotel & Spa New York, which is currently undergoing renovations to its 145 rooms. Located on 64th Street and Park Avenue in the Upper East Side, New York, this area is renowned for its proximity to Central Park, museums, consulates, and luxury shopping.
Wallapa Traisorat, CEO and President of Asset World Corporation (AWC) commented, “We really appreciate the friendship and partnership we share with the Nobu family and AWC. The celebration of the grand opening of Nobu Bangkok at ‘EA’ Rooftop at The Empire, the new landmark destination of Thailand, brings great happiness to both Thai and international guests to enjoy contemporary Japanese cuisine crafted by legendary Chef Nobu in a spectacular three-story venue, including the rooftop level with breathtaking views of Bangkok. It reinforces our commitment to making Bangkok a sustainable global destination for world-class food, beverage, and lifestyle experiences.
Additionally, AWC is thrilled to deepen our long-term partnership with Nobu Hospitality through the launch of Nobu Hotel Bangkok, the first Nobu hotel with a residential concept in Thailand. Located near the Chao Phraya River, this development offers guests unparalleled luxury, featuring world-class amenities and services. The groundbreaking ceremony for The Plaza Athénée Nobu Hotel and Spa Bangkok at the historic East Asiatic Company building also marks a momentous occasion in our shared journey to create iconic properties that redefine luxury living and enhance Bangkok’s reputation as a premier global destination.”
Trevor Horwell, CEO of Nobu Hospitality, commented, “We are thrilled to expand our partnership with Asset World Corporation and introduce Nobu Residences to Bangkok. With its prime location near the Chao Phraya River, this development offers residents an exceptional lifestyle experience in one of the world’s most dynamic cities. We are excited to operate all elements of the Nobu brand—residences, hotels, and restaurants—in this vibrant market.”
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