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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.

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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SOURCE IDA

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Correction: April 2025 U.S. Travel Agencies Air Ticket Sales Total $8.8 Billion

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Year-Over-Year Passenger Trips Rose Despite Decline in Sales

ARLINGTON, Va., May 16, 2025 /PRNewswire/ — Today, Airlines Reporting Corp. (ARC) released data showing U.S.-based travel agency air ticket sales reached $8.8 billion in April 2025 – a 4% decrease compared to April 2024.* April’s passenger trips settled by ARC increased 1% year over year, totaling 25.7 million.

Results for April 2025 showed:

ARC Ticketing Metric

Total

Month-Over-Month Variance

Year-Over-Year Variance

Total Sales

$8.8 billion

-6 %

-4 %

Total Passenger Trips

25.7 million

-5 %

+1 %

U.S. Domestic Trips

16.2 million

-4 %

+1 %

International Trips

9.5 million

-8 %

+1 %

Average Ticket Price

$536

0 %

-3 %

Average Economy Class Ticket Price**

$476

+1 %

+2 %

Average Premium Class Ticket Price***

$1,233

0 %

0 %

Passenger trips issued through online travel agencies rose 6% year over year, while passenger trips for leisure and corporate travel decreased 4% and 6%, respectively, over the same period.

“Business travel contended with increased economic uncertainty and the Easter holiday falling in late April, which affected year-over-year corporate passenger trip comparisons,” said Steve Solomon, chief commercial officer at ARC. “Despite some macroeconomic headwinds, overall passenger trips for domestic and international travel remained above 2024 levels, showing the resilience of travel demand.”

NDC transactions accounted for 19.6% of the total ARC reported and settled transactions in April 2025 — a 2% increase from 19.3% in April 2024. In April 2025, a total of 905 travel agencies reported NDC transactions.

More detailed information is available on ARC’s sales statistics page.

About ARC:
ARC’s data platform is the intelligence behind air travel, connecting the industry ecosystem and powering commercial decisions for airlines and our partners. We manage the world’s most comprehensive airline ticketing dataset, comprised of over 12 billion annual passenger flights operated by more than 480 airlines in over 235 countries. ARC’s trusted reporting and settlement services process over $99 billion annually in U.S.-based agency air sales. ARC leads industry collaboration between airlines, agencies, corporate buyers and other partners to enable a thriving air travel retailing ecosystem. For more information, visit arccorp.com.

Contact:
Randy Spoon

media@arccorp.com

Notes:

A previous version of this press release incorrectly stated that U.S.-based travel agency air ticket sales saw a 6% decrease compared to April 2024.

*Ticket Sales

Results are based on monthly sales data ending April 30, 2025, from 10,144 U.S. retail and corporate travel agency locations and online travel agencies. Results do not include sales of tickets purchased directly from airlines.The average ticket price (USD) is for a round-trip ticket settled through ARC for an itinerary that included only U.S. domestic travel.Passenger trips include the total number of passengers traveling from one airport to another using direct or connecting flights. Newly issued trips are added, and refunded trips are deducted to provide a net view of traveling passengers.U.S. domestic passenger trips include the total number settled through ARC where the itinerary is wholly within the U.S. International passenger trips include the total number settled through ARC where some or all the travel occurs to airports outside the U.S. or originates outside the U.S.Total sales are equal to the total amount paid for a ticket, which includes taxes and fees.

**Average Economy Class Ticket Price

Economy Class is defined as tickets for U.S. domestic travel purchased in April 2025 under fare codes excluding First Class, Business Class and Business Class Premium.

***Average Premium Class Ticket Price

Premium Class is defined as tickets for U.S. domestic travel purchased in April 2025 under fare codes assigned to First Class, Business Class and Business Class Premium.

© Airlines Reporting Corporation (ARC). All rights reserved.

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SOURCE Airlines Reporting Corporation (ARC)

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Top IT Strategies for the Financial and Professional Services Sectors in 2025: Info-Tech’s Industry Best Research Released

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A new report from Info-Tech Research Group, a global research and advisory firm, identifies six research priorities that are enabling IT leaders in financial and professional services to lead digital transformation, adapt to AI disruption, enhance compliance, and drive measurable value in a rapidly shifting economy.

TORONTO, May 16, 2025 /CNW/ – With AI reshaping professional services and financial firms navigating uncertain economic shifts, IT leaders in these sectors are being called to play a more strategic role in enabling business success. In response to these challenges, Info-Tech Research Group has released a curated research report to help organizations meet the moment. The 2025 report, Info-Tech’s Best Research for the Professional and Financial Services Sectors, includes actionable strategies, tools, and frameworks tailored to the industry’s most urgent priorities.

According to Info-Tech’s research, the financial and professional services sectors face a convergence of technology disruption, rising operational risk, and mounting pressure to deliver measurable innovation. Many organizations are moving beyond reactive IT support and redefining the role of IT as a proactive business partner. At the center of this shift is a need for smarter vendor management, more robust data strategy, and responsible AI governance.

“Financial and professional services firms are operating in high-trust environments with rising expectations for performance, transparency, and resilience,” says Info-Tech Research Group’s Chief Research Officer, Gord Harrison. “The research in this report is designed to help IT leaders lead through uncertainty while building the capabilities needed to stay competitive and compliant, whether that means evolving governance models, modernizing risk management, or delivering value with greater agility.”

Info-Tech’s Best Research Tailored for the Financial and Professional Services Sectors in 2025
Info-Tech’s top 2025 resources for the financial and professional services industries include six targeted research blueprints to help firms align IT strategy with business goals and modernize core capabilities:

Build a Business-Aligned IT Strategy – The insights in this blueprint provide guidance on empowering IT to lead with impact by aligning initiatives to business priorities, driving innovation, and building credibility across the organization.

Build a Robust and Comprehensive Data Strategy – This practical blueprint offers a business-first approach to strengthening governance, improving decision-making, and unlocking organization-wide value.

Jump Start Your Vendor Management Initiative – The framework outlined in this detailed guide helps IT leaders implement a right-sized approach to improve vendor oversight, strengthen partnerships, and drive business value within 90 days.

Build an Information Security Strategy – The guidance in this blueprint helps organizations design a holistic, business-aligned security program that reduces risk and supports evolving priorities.

Govern the Use of AI Responsibly With a Fit-for-Purpose Structure – The approach in this guide supports organizations in implementing a fit-for-purpose AI governance structure that reduces risk, ensures compliance, and aligns AI with business values.

Establish Data Governance – This blueprint offers a structured approach to aligning governance practices with enterprise strategy and fostering a culture of data accountability and excellence.

Info-Tech’s Best Research for the Professional and Financial Services Sectors 2025 report highlights the firm’s top research blueprints that offer practical frameworks, tools, and use cases that build on each other to support strategy execution across IT functions. Collectively, they serve as a roadmap for IT leaders to strengthen governance, reduce risk, and deliver measurable outcomes in professional and financial services.

To request exclusive and timely commentary from Info-Tech’s experts on these blueprints or to download Info-Tech’s Best Research for Professional and Financial Services 2025 resource, please contact pr@infotech.com.

Media Passes for Info-Tech LIVE 2025 in Las Vegas
Media professionals, including journalists, podcasters, and influencers, are invited to attend Info-Tech LIVE 2025 to gain exclusive access to research, content, and interviews with industry leaders. For those unable to attend in person, Info-Tech offers a digital pass option, providing access to live-streamed keynotes, select sessions, and exclusive virtual interviews with speakers and analysts.

Media professionals looking to apply for in-person or digital passes can contact pr@infotech.com to secure their spot and cover the latest advancements in IT directly from the event or remotely.

About Info-Tech Research Group
Info-Tech Research Group is one of the world’s leading research and advisory firms, proudly serving over 30,000 IT and HR professionals. The company produces unbiased, highly relevant research and provides advisory services to help leaders make strategic, timely, and well-informed decisions. For nearly 30 years, Info-Tech has partnered closely with teams to provide them with everything they need, from actionable tools to analyst guidance, ensuring they deliver measurable results for their organizations.

To learn more about Info-Tech’s divisions, visit McLean & Company for HR research and advisory services and SoftwareReviews for software-buying insights. 

Media professionals can register for unrestricted access to research across IT, HR, and software and hundreds of industry analysts through the firm’s Media Insiders program. To gain access, contact pr@infotech.com.

For information about Info-Tech Research Group or to access the latest research, visit infotech.com and connect via LinkedIn and X.

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SOURCE Info-Tech Research Group

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Eastern Michigan University unveils Way Forward@EMU, empowering youth health leaders with $1M Toyota grant

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YPSILANTI, Mich., May 16, 2025 /PRNewswire/ — Eastern Michigan University is revolutionizing health education for young leaders with the launch of Way Forward@EMU, an innovative initiative supported by a $1,016,850 grant from the Toyota Way Forward Fund. Designed to empower high school students from Ypsilanti, Wayne/Westland, and Romulus, the program bridges health education with career readiness, equipping participants with tools to drive real community impact.

Housed within Engage@EMU and supported by EMU’s Robert Thomson Center for the Advancement of Neurobehavioral Health, the program offers a six to eight-week paid learning experience with weekly sessions covering traumatic brain injury (TBI) awareness, mental health, nutrition, and wellness. Students will creatively showcase their knowledge, earn a $100 stipend, and gain opportunities to transform their communities as peer health educators.

“Way Forward@EMU represents a bold step in developing the next generation of healthcare leaders by putting tools, training, and mentorship directly into the hands of young people,” said Sondrea Singleton, director of Way Forward@EMU. “When we equip youth to educate their peers and communities, we’re not just raising awareness—we’re creating lasting change.”

Built on a hub-and-spoke model for community-based healthcare transformation, the program taps into EMU’s faculty expertise, mentorship programs, and partnerships with organizations like Corner Health Center. Its SMART goals include:

Certifying 75+ students as Community Health Educators (CHEs) by December 2025

Reaching more than 800 youth, families, and community members with TBI-focused education

Providing experiential opportunities with at least 10 healthcare organizations

Supporting college readiness through structured mentorship

Participants earn digital credentials through EMU’s Office of Professional Programs and Training, creating a direct pathway to postsecondary success. CHEs deliver peer education across schools, community centers, and faith-based organizations, using a curriculum co-developed with Corner Health Center. Ongoing mentorship through EMU’s Pre-Service Health Center reinforces academic and career preparedness.

The Toyota Way Forward Fund is a multi-year initiative established in 2023 that strengthens access to specialized healthcare and recovery support for individuals and families affected by traumatic brain injuries. Eastern Michigan University was selected for this substantial grant due to its demonstrated excellence in healthcare innovation and community-focused programming.

“With more than 2.5 million Americans visiting emergency departments for TBIs each year—32% of them children—the need for prevention and early education is critical,” said Michael Speigl, dealer principal at Toyota of Ann Arbor. “EMU’s forward-thinking approach to pediatric health education aligns seamlessly with Toyota’s mission to drive impactful change.”

Way Forward@EMU specifically targets communities with high poverty rates and limited healthcare pathways. With education efforts planned through 2026 and a vision for statewide expansion, the program is positioned to become a national model for sustainable, equity-driven health education.

The University will formally celebrate the launch of Way Forward@EMU and the Toyota Way Forward Fund grant during a special event beginning at 9:30 a.m. on Friday, May 16, 2025, at the EMU Student Center, Room 352, located at 900 Oakwood, Ypsilanti.

For more information about the Way Forward Fund, pioneered by Toyota, visit the website.

About Eastern Michigan University

Founded in 1849, EMU is the second oldest public university in Michigan. It currently serves nearly 13,000 students pursuing undergraduate, graduate, specialist, doctoral and certificate degrees in the arts, sciences and professions. In all, more than 300 majors, minors and concentrations are delivered through the University’s Colleges of Arts and Sciences; Business; Education; Engineering and Technology; Health and Human Services; and its graduate school. National publications regularly recognize EMU for its excellence, diversity, and commitment to applied education. Visit the University’s rankings and points of pride websites to learn more. For more information about Eastern Michigan University, visit the University’s website. To stay up to date on University news, activities and announcements, visit EMU Today.

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SOURCE Eastern Michigan University

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