Yolo Investments invests in Hong Kong-based digital asset company IDA

Estonian Yolo Investments has invested in Hong Kong-based digital asset company IDA. The $6 million seed round was led by Hong Kong-based VC CMCC Global under its Titan Fund and Singapore-based VC Hashed. US web3 Hack VC, US blockchain company Anagram, London-based financial services provider GSR, US early-stage VC Protagonist, VC and accelerator Brinc, Swiss blockchain company Chorus One, Hong Kong-based blockchain venture capital Kenetic, crypto investment company SNZ, and some business angels also participated in the deal.

Founded in Hong Kong in 2024 by Sean Lee and Lawrence CHU, IDA is working on the development of HKDA, a stablecoin that will be pegged to fiat and will be regulated in Hong Kong. HKDA will be built on public blockchain protocols, and its purpose is to improve payment systems between Hong Kong and international markets. IDA plans to launch its mainnet before the end of this year.

IDA's strategic blockchain partners, such as Solana, Polygon, Aptos, and Mantra are helping to promote the interoperability, accessibility, robustness, and liquidity of HKDA. IDA is also engaging with the Hong Kong Monetary Authority and the Financial Services and Treasury Bureau to launch stablecoins in Hong Kong. 

IDA will use the investment to advance the development and launch of the HKDA stablecoin. The company plans to launch products denominated in other currencies pegged to the US dollar (USD) with ecosystem partners in regulated financial institutions and Web3.

Founded in Estonia in 2017 by Tim Heath, Yolo Investments focuses on seed- and A-stage investments in gaming and fintech. Tim Heath specializes in the iGaming industry. He is also a founder and a board member of the Yolo Group, which operates gaming brands such as bitcasino.io and sportsbet.io.