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Reconciliation & Reporting Solutions: Elevating Financial Accuracy in Complex Landscape

FTB News Desk — Thu, 12 Sep 2024 13:00:35 +0000

Table of Contents
1. The Evolving Need for Reconciliation and Reporting
2. Innovations Driving the Future of Reconciliation and Reporting
3. Target Audience: CFOs, Finance Teams, and Compliance Officers
4. The Strategic Advantage of Advanced Reconciliation and Reporting

Given the fact that the financial epoch we are in is characterized by a certain degree of volatility, it is crucial to endeavor to attain high levels of accuracy and accountability when it comes to reporting. The need for robust and efficient facilities in reconciliation and reporting gets more critical when transaction flows are growing fast and monetary environments are becoming more complex. These solutions are not only about enhanced means of moving funds; they are critical for protection against mistakes and anomalies and for maintaining the integrity of data as long as economies continue to evolve. Through the use of modern techniques, firms are in a position to maneuver through the complex environment with higher accuracy and more certainty.

1. The Evolving Need for Reconciliation and Reporting

Reconciliation, the steps on checking and making sure that all data are processed and recorded accurately in all systems, has always been an essential factor that must always be followed by businesses. However, the growing use of digital transactions, multiple revenue streams, and globalization of business have made the reconciliation process highly complex. Historically, they were using conventional means of doing paperwork controls and checking cross-references. Today’s reconciliation tools provide real-time, automated processes with less likelihood of mistakes and less time drain.

The recent surge in interest in reconciliation and reporting solutions can be attributed to several factors:

Regulatory Pressures: With the increased stringency of rules on financial reporting, there is social pressure to keep updated financial statements at every company. Automated reconciliation tools are favorable for a business as they offer timely and accurate information to enhance compliance.
Complex Financial Ecosystems: Corporate treasury management today involves dealing with a myriad of banks and other account holders, as well as multiple currencies and financial products. This complexity requires that there is a need for a prudent reconciliation solution that can effectively reconcile different data to give a combined view of financial health.
Increased Focus on Data Integrity: Promising the vast accumulation of large datasets, making data quality control has become critical in businesses today. This makes it possible for firms to be associated with a lot of wealth loss and reputational capital loss in case they use inaccurate data in their operations. Reconciliation and reporting solutions play a significant role in ensuring data accuracy since it is easier to address errors at their early stages.

2. Innovations Driving the Future of Reconciliation and Reporting

The reconciliation and reporting landscape is evolving, with several key innovations driving its future:

AI and Machine Learning: Reconciliation concepts are evolving with these technologies that can identify patterns in the financial data that may be invisible to the human eye. The AI-enabled solutions can ‘learn’ from the past and thus get better with time.
Blockchain Technology: Reconciliation processes are a natural fit for blockchain due to the system’s built-in transparency and record unalterability. Due to the fact that the blockchain network is a consolidated ledger system, it reduces the chances for error or conflict in facts by providing all concerned with equal information.
Cloud-Based Solutions: The use of cloud solutions results in high flexibility and accessibility; reconciliations do not have to be carried out at the office. Solutions hosted in the cloud also have the advantage of interfacing with other systems in finance, making sure that all the data is harmonized and current.
Real-Time Reporting: As the need for up-to-the-minute information rises, contemporary reporting tools are moving toward real-time offerings. This makes it easier for the businesses to be in a position to make proper decisions, having in mind the most updated financial data.

3. Target Audience: CFOs, Finance Teams, and Compliance Officers

This blog specifically targets CFOs and other corporate finance professionals, as well as compliance officers whose primary duties are to maintain the company’s financial integrity and adherence to legal requirements. Reconciliation solutions therefore prove to be the must-have tools, as these professionals are under pressure to provide accurate and timely financial reports.

4. The Strategic Advantage of Advanced Reconciliation and Reporting

As organisations progress into the depth of a complicated financial environment, appropriate Reconciliation and Reporting tools are invaluable. In its work, an organisation can achieve accuracy in financial operations and keep legal requirements while using new technologies and innovations as the competitive advantage.
Technological advancement has become central to defining the quality of operations in an organization that deals with financial transactions, thus the need to invest in superior reconciliation and reporting technology. With these solutions constantly improving over time, organizations’ financial management decisions will be key to determining how business sustainability will look like in the long run.

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Gleipnir, Inc. Launches Tokenization Strategy to Improve Investment Accessibility

PRNewswire — Wed, 11 Sep 2024 16:30:34 +0000

Coinscribble by Coinbound / Gleipnir, Inc. is proud to announce a transformative advancement in the financial sector with the launch of a fully tokenized business structure on the Polygon blockchain. Steve Dick, the company’s visionary founder, articulated the significance of this initiative, stating, “Tokenization of corporate shares represents a major evolution in corporate structure, democratizing investment opportunities on a global scale. This innovative approach streamlines investment and ownership, making it accessible to a wider audience.”

Key Highlights of Gleipnir’s Tokenization Strategy:

Comprehensive Tokenization: Gleipnir is setting a new industry standard by adopting a fully tokenized approach from inception, foregoing traditional paper or book-entry shares.
Ownership Rights for Tokenholders: “Our tokens embody real ownership and rights,” asserts Dick, highlighting the protections outlined under Tennessee Code Title 48.
Advanced Smart-Contract Implementation: The Security Token Offering (STO) leverages smart contracts, promoting enhanced transparency and efficiency in the capital formation process.
Competitive Auction Mechanism: The STO utilizes a distinctive auction-style format akin to conventional market practices, allowing investors to determine their desired price.
Capital Formation via STO: All capital for the business will be sourced through this STO, reflecting Gleipnir’s dedication to enhancing accessibility to investment opportunities for everyone—not just institutions and affluent individuals.
Acceptance of Digital and Fiat Currencies: “Our STO is designed for inclusivity, catering to both seasoned crypto investors and traditional investors,” states Dick, emphasizing the acceptance of both digital assets and fiat currency.

Dick further elaborates, “Collectively, this capital formation structure is innovative and groundbreaking. If successful, we believe it will revolutionize corporate fundraising.”

Addressing Industry Challenges: Gleipnir is aware of the challenges surrounding blockchain and digital asset adoption. To address these, the company emphasizes the importance of familiar business structures, clear industry terminology, and user-friendly interfaces. Dick explains, “Our objective is to bridge the gap between traditional investing and digital assets, presenting digital assets in an easily understandable format. We aim to bring the future of investment to your doorstep in a form you can understand.”

Global Reach and Strategic Focus: Upon capitalization, Gleipnir plans to launch regulated investment advisory subsidiaries globally, focusing on portfolios that include digital asset indices.

STO Details:

Commencement: 03:00 NZST, 3 September 2024
Blockchain: Polygon-based smart contract
Minimum Price: $2.00 per tokenized share
Capitalization Goal: $15,500,000+ (uncapped offering)
Payment Options: USD, USDC, USDT
Offering Platform: DS Dashboard accessible at https://app.gleipnirinc.com/auth/login

Guaranteed Token Issuance: Gleipnir guarantees token issuance to the first 2,000 investors who contribute $2,500 or more. Further details are available in the Offering Circular.

Post-STO Trading: In compliance with SEC Regulation S, Gleipnir’s GLAP tokens will be tradable on a compliant decentralized exchange (DS Swap) 12 months following the STO. “Compliance is paramount for us, ensuring a secure and trustworthy investment environment. While the wait may be brief, the rewards will be substantial,” Dick reassures.

Act Promptly: Gleipnir is implementing rolling closings and encourages investors to act swiftly to seize this opportunity. “Opportunities like this are rare, and we invite visionary investors to join us in this exciting venture,” expresses Dick with optimism.

Important Note for U.S. Investors: Due to a delay from the SEC concerning the Regulation A offering for U.S. investors, Gleipnir has paused the Regulation A offering and will proceed exclusively with the Regulation S offering for non-U.S. investors. “While this is not our preferred outcome, it is not unexpected given the SEC’s position on blockchain,” states Dick.

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Paxos Expands to Arbitrum with Plans to Bring Tokenization Platform to the Network

PRNewswire — Wed, 11 Sep 2024 16:00:33 +0000

The Arbitrum Foundation announced that Paxos, a regulated blockchain infrastructure and tokenization platform, will integrate with Arbitrum, the leading Layer 2 (L2) scaling solution on Ethereum. Arbitrum is the first L2 network that Paxos will enable, joining one of the largest on-chain ecosystems in the space and expanding its presence in the Ethereum ecosystem.

This partnership is a crucial development for facilitating further institutional integration onto the Arbitrum network and bringing real-world assets on-chain. Via Arbitrum, Paxos will tap into Etherum’s deep liquidity, at higher speeds and low cost, and engage Arbitrum’s active DeFi ecosystem. Enterprises and institutions will leverage these capabilities to enable innovative financial products and services.

Luke Xiao, Fintech Partnership Lead at Offchain Labs commented on the news, “We are excited that Paxos has decided to bring their stablecoin issuance and regulated tokenization platform to Arbitrum. Arbitrum’s high performance network and robust ecosystem makes it a natural home for Paxos’ tokenization platform. This collaboration brings together Paxos’ industry-leading infrastructure and Arbitrum’s robust onchain ecosystem. We’re excited to see the transformative impact this will have on DeFi and the broader Arbitrum ecosystem.”

Paxos’ highly regulated approach ensures that its tokenization offerings comply with financial regulations in each region of operation. With trust and credibility built into its platform, Paxos supports leading enterprises and institutions that will now be able to leverage Arbitrum’s highly-scalable and efficient network.

Walter Hessert, Head of Strategy at Paxos, added “We are excited to partner with Arbitrum to bring more real-world assets on-chain. Arbitrum is known for its speed, security and scalability, which is critical to driving long-term adoption of digital assets across industries. In the next three years, the adoption of stablecoins by both retail and institutional user will explode and Paxos will drive that paradigm shift.”

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NeoSwap AI Rebrands as Tulle, Weaving More Liquid Crypto Markets

PRNewswire — Fri, 06 Sep 2024 16:00:16 +0000

NeoSwap AI, a leader in blockchain-based economic efficiency tools, announced its rebranding as Tulle. This move sharpens the company’s focus on innovative liquidity solutions for low-volume cryptocurrency markets, particularly on the Solana and Bitcoin networks.

Tulle leverages an innovative technology stack that combines complex intent capture, prediction models, and advanced trade-finding algorithms to facilitate multi-party swaps. This approach boosts trading volumes in low-liquidity environments, significantly improving market efficiency.

“Rebranding to Tulle marks our commitment to solving the crypto industry’s most pressing liquidity challenges,” said Dr. John Ennis, CEO of Tulle. “Our platform empowers partners and contributes to the overall growth and stability of the Solana and Bitcoin ecosystems.”

To support its partners, Tulle offers TulleKit, a comprehensive SDK for easy integration of its liquidity solutions. Notable partners that have benefitted from Tulle’s technology include Star Atlas, Genopets, Baxus, and Bitcoin Machines.

Tzvi Wiesel, co-founder of Baxus, highlighted the impact: “Tulle’s solution addresses key challenges in global secondary market deal-making, enhancing liquidity in the wine and whisky markets. We’re thrilled to offer these benefits to our users through our partnership.”

Tulle previously secured $3 million in pre-seed funding led by Digital Asset Capital Management (DACM), with participation from AngelHub, Sora Ventures, Avid3, and others. Tulle plans to commence a new funding round shortly, further fueling its growth and innovation in the blockchain space.

Richard Galvin, Co-Founder and CEO of DACM, commented: “Tulle’s novel approach to enhancing liquidity has applications far beyond its initial focus on NFTs. We see potential for this technology to revolutionize liquidity provision across the entire spectrum of digital assets.”

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Wire Network Launches Blockchain for AI Economy

GlobeNewswire — Thu, 05 Sep 2024 16:30:00 +0000

Wire Network open-sourced its Universal Transaction Layer (UTL), the first blockchain designed for the AI agent economy.

As the world stands on the brink of an AI-driven economic revolution, Wire Network introduces the first true third-generation blockchain, following the evolutionary path of first-generation Bitcoin and second-generation Ethereum. While Bitcoin brought digital gold and Ethereum enabled smart contracts, both fell short of scalable, cost-effective transactions. Wire Network’s UTL finally delivers on blockchain’s original promise, purpose-built for the emerging AI agent economy.

“AI agents will need to be able to conduct millions of transactions per second across all blockchains,” said Ken DiCross, Founder and CEO of Wire Network. “AI is ready, current blockchain infrastructure is not. This is what Wire Network was built for.”

Wire Network’s UTL offers:

No gas – because who wants to pay a dollar to move a dime?
All chains – no more siloed blockchains
Right Now Transactions – we’re talking speed-of-thought fast

“We’re providing the financial rails for the AI agent economy,” DiCross explains. “It’s like giving AI a global passport and universal currency.” Unlike traditional systems that require complex bridges or oracles to cross blockchain borders, Wire Network allows AI agents to transact across every major blockchain with no gas in a high-speed performative way.

The UTL enables AI agents to interact across blockchain networks, opening new possibilities for decentralized AI applications.

The market is already catching on. All of Wire Network’s Tier 1 nodes, which form the backbone of the blockchain network, have been purchased by people who understand the magnitude of what’s being introduced. That’s not just interest – that’s a vote of confidence in where we’re headed.

Wire Network’s Universal Transaction Layer is set to become the essential infrastructure powering the future of finance. By open-sourcing the UTL, Wire Network invites developers, researchers, and industry stakeholders to explore and contribute to its development.

“We are excited to announce that as of today the Wire Network protocol is open sourced, and we invite engineers worldwide to help us continue building the blockchain of the AI agent economy,” said DiCross.

It’s not just a new blockchain – it’s the economic foundation for the age of AI. Wire Network: Your one-way ticket to the frontlines of the Agent Economy. No gas, all chains, right now.

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Revolutionizing Financial Operations: AR/AP Automation & E-Invoicing

FTB News Desk — Thu, 05 Sep 2024 13:00:25 +0000

Table of Contents
1. The Case for AR/AP Automation: A New Era of Efficiency
2. E-Invoicing: The Digital Transformation of Invoicing
3. Integrating AR/AP Automation with E-Invoicing: A Synergistic Approach
4. Overcoming challenges and embracing change
5. The Future of Financial Operations: What’s Next?

It is evident that business finance has experienced some shifts, and the future is not so clear given that there are improved technologies that enhance the traditional practices. The most advanced technology in this process is the automation of accounts receivable and accounts payable together with e-invoicing. However, more than improving efficiency indicators, these technologies dictate the framework for building the future financial management of your enterprise. Embark on our exploration about how incorporating AR/AP automation and e-invoicing solutions can change your business tactics and prepare for the future.

1. The Case for AR/AP Automation: A New Era of Efficiency

Accounts Receivable and Accounts Payable have always been paper-oriented and very time-consuming, and even more so when operational errors are involved. However, studies have shown that AR/AP automation proves to be a valuable solution to this problem. These are some of the procedures that, if passed through the process of automation, assist in the issuance of invoices, collection of payments, and other reconciliation processes in business entities.

Key Benefits:

Accelerated Cash Flow: Invoices need to be processed and paid, which is made easier by automation, thus improving cash flow and reducing DSO.

Error Reduction: The adoption of automated systems in data management saves time on data entry, hence no need for repetitive work, thereby reducing the likelihood of errors and inconsistency.

Enhanced Visibility: Analysis of accounts receivable and collection of cash in real-time is helpful in managing the cash collected from different customers.

AR/AP automation also offers a connection with other financial systems while integrating and synchronizing with other systems to become one system that is integrated. This integration assists in the integration of data to ensure that when information is passed from two systems, the form of transportation is optimal.

2. E-Invoicing: The Digital Transformation of Invoicing

E-invoicing can be described as the electronic version of paper-based invoices; it is the delivery of an invoice through electronic media with the capability of an invoice. This involves the creation, forwarding, and receiving of invoices electronically and has many advantages compared to traditional invoicing.

Key Benefits:

Faster Processing: E-invoices are more effective compared to paper invoices in handling and lead to faster payments and cash flow management.

Cost Savings: The elimination of the paper, postage, and unwanted manual handling of mail is a direct line to cutting costs.

Improved Accuracy: Implementing the data and data validation systems offer limited opportunities for errors and inaccuracies in tracking the company’s financials.

E-invoicing also enhances the manner of taxation compliance and any other legal requirements, thus a benefit with respect to audit trail. This trail is crucial to ensure that all the processes of issuing invoices are correct in accordance with the legal and tax provisions.

3. Integrating AR/AP Automation with E-Invoicing: A Synergistic Approach

Both automation of AR/AP and e-invoicing have all the benefits, so the best bet is to go for both. It incorporates all the various features of the processing of business finances, thus making it an easy and less tiresome affair to create, dispatch, and process invoices while at the same time minimizing the input of the human factor.

Benefits of Integration:

Streamlined Processes: Integration eliminates the need for several processes to go through separately; as an effect, invoices may go through the cycle of creation, processing, and payment.

Enhanced Data Accuracy: The adoption of external interfaces removes possibilities of data entry errors when passing data from one system to another to get right and timely financial data.

Increased Efficiency: Automation is an addition to the e-invoicing definition and enhances the swiftness of the total number of invoices in an organization, and e-invoicing is equal to a reduction in the amount of time employees take in typing invoices.

4. Overcoming challenges and embracing change

In essence, it is clear that AR/AP automation and e-invoicing have their advantages, but the process of implementing these technologies poses certain challenges. These may include the propensity of the organization to resist change, complexity in integration of additional work, and costs that accrue during the initial stages. However, all these obstacles, if tackled early enough, could lead to enormous advantages in the long run.

Strategies for Successful Implementation:

Stakeholder Buy-In: Identify and engage the key stakeholders during the initial planning process, secure their commitment, and address any of their concerns.

Phased Implementation: This could be done in phases, the first step being a pilot implementation to determine the effectiveness and problems that would arise with the system before the full program is started.

Training and Support: Another measure is necessary to provide training and instructional materials to all the new users since they will be working with new systems and procedures.

5. The Future of Financial Operations: What’s Next?

With the never-ending advancement in technology, the future of AR/AP automation and e-invoicing looks bright. AI, machine learning, and blockchain are other trends that are expected to gear up finance processes even more. Such innovations will increase organizational efficiency, accuracy, and transparency in handling the finances to even higher standards.

Looking Ahead:

AI-Driven Insights: The use of AI will provide enhanced advantages in the sphere of financial analysis so that better decisions could be made as the risks managed.

Blockchain Integration: The use of a blockchain approach could give new levels of security and openness to financial transactions than previously seen.

Advanced Analytics: The advanced analysis will provide a better understanding of existing financial results and provide businesses with improved tools for further operations adjustment.

Conclusion
AR/AP automation and e-invoicing are not novelties or simple trends; they are some pillars of modern companies’s financial management. Thus, by adopting these technologies, companies can transform their financial processes and receive more value, fewer errors, and lower costs. In that respect, the main challenge that this field will pose in the future is keeping up with the fast-changing business environment and developing excellent solutions.

Here we have the precise quote. Now get the message? Roll out the AR/AP automation and e-invoicing solutions into your company’s financial management and be future-ready for the constantly evolving financial industry.

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Glue Network Announces Messari Integration in New Glue Hub

BusinessWire — Wed, 04 Sep 2024 13:30:13 +0000

Glue Network, a user-centric blockchain ecosystem dedicated to making decentralized finance accessible to all, announced the integration of Messari crypto market data into its Glue Hub.

Glue will use Messari’s categorization data to power the categories of its Glue Hub with the aim of creating a top-tier user experience. The data will also be used to build several indexes within the hub to easily display market movements for traders and investors.

While existing categorization systems on popular crypto platforms have often been criticized for being confusing and unhelpful, Glue aims to set a new standard. By creatively combining Messari’s tags and categories within its blockchain ecosystem, Glue is developing a more intuitive system that will allow users to easily discover top DeFi projects, filter meme coins, and navigate the crypto space more effectively. This innovative approach to categorization addresses a long-standing pain point in the industry, offering users a clearer and more useful way to explore and understand the cryptocurrency market within the Glue Hub.

“The Glue team did a substantial amount of research to determine how to best categorize tokens to create the most intuitive user experience possible,” said Snapshot, co-founder of Glue Network. “We looked at various data providers and felt that Messari offers the best, most useful data to support the needs of our future users.”

The Glue Hub will also feature Messari’s highly respected token reports within its platform, linking users directly to Messari for the latest token reporting.

The Messari integration aligns with Glue Network’s mission to make decentralized finance accessible to all users. By incorporating Messari’s crypto market data into the Glue Hub, Glue Network simplifies complex blockchain ecosystem information for both novice and experienced users. The integration provides users with comprehensive market data, token categorization, and access to in-depth reports, all within a single platform. This approach aims to reduce barriers to entry in the crypto space and provide users with the tools needed to make informed decisions.

The rollout of these Messari-powered features within the Glue Hub is expected to go live in September, marking a significant milestone in Glue’s development roadmap.

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Kroma Secures Series A Funding from Prominent Investors

GlobeNewswire — Tue, 03 Sep 2024 15:30:54 +0000

Kroma, a prominent Layer 2 blockchain solution provider, has successfully completed its Series A funding round and publicly announced the participation of a diverse group of investors. The round secured backing from Asia Advisors Korea, Gate Ventures, ICC Venture, Planetarium, Presto, RFD Capital, Taisu Ventures, The Spartan Group, Waterdrip Capital, and other additional partners have also participated in this round.

Kroma is Asia’s leading Layer 2 solution, designed to make Web3 accessible through intuitive, gamified real-life decentralized applications (dApps). Built on the OP Stack, Kroma is the first Ethereum Layer 2 solution to implement zk fault proofs, creating a permissionless network for validators. By using its modular zero-knowledge (zk) proving library, Tachyon, the network enhances transaction speed and reduces gas fees, making zk proof generation more cost-efficient and faster.

Kroma is also pioneering Native Account Abstraction (AA) within the Superchain ecosystem to deliver a seamless Web3 gaming experience. With over 81 partners, including SK Planet, Xangle, and Hexlant, Kroma is expanding its impact across gaming, DeFi, NFTs, and beyond, contributing essential technology to the community.

Kroma has recently completed a significant shift in its shareholding structure, transitioning from a subsidiary of Wemade to hosting a broader base of shareholders and partners centered around the founders and management. This change positions Kroma to drive its global business forward with enhanced support from a diverse range of stakeholders.

Kroma will continue to collaborate with Wemade on various initiatives and ensure the continued growth of the Gamified Web3 ecosystem. To further this goal, Kroma has secured key investors such as ICC Venture, ISKRA, Overtake, Planetarium, Wellxy, and XStar, and looks forward to ongoing collaboration with these partners.

The capital raised will be directed towards further advancing Kroma’s infrastructure, with an emphasis on expanding its functionalities and enhancing the platform’s development. Kroma’s applications are designed to appeal to a broad audience while maintaining high standards of security and operational efficiency.

Taekyu Park, CEO of Kroma, stated, “This investment reflects strong confidence in Kroma’s technology and strategic vision. We look forward to leveraging this funding to enhance our Layer 2 solutions, ensuring we continue to deliver efficient and secure blockchain services.”

Kroma’s strategic direction and technological innovations have garnered significant attention from the investment community. The funds will play a crucial role in scaling operations and integrating new features, further solidifying Kroma’s position in the evolving blockchain landscape.

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IDA Raised USD6 Million Seed Round Led by CMCC Global and Hashed

PRNewswire — Mon, 02 Sep 2024 14:30:40 +0000

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.

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Ant International Joins the HKMA’s Project Ensemble Sandbox

BusinessWire — Thu, 29 Aug 2024 17:00:45 +0000

Ant International announced its participation in the Hong Kong Monetary Authority’s (HKMA) Project Ensemble Sandbox, focusing on “Liquidity Management”, one of its four main themes. Launched in March this year, Project Ensemble is the HKMA’s wholesale central bank digital currency (wCBDC) project aimed at fostering the development of tokenization in Hong Kong.

The Project Ensemble Sandbox enables companies to research and test tokenization use cases including the settlement of tokenized monies and tokenized real-world assets, amongst others. Ant International will leverage its Whale platform to participate in the Sandbox and develop an innovative use case with its partners. Ant International’s Whale platform is a next-generation treasury management solution that utilizes blockchain technology, advanced encryption and artificial intelligence to improve the efficiency and transparency of fund movements.

Ant International will collaborate with partners Standard Chartered Bank (Hong Kong) Limited (Standard Chartered Hong Kong) and The Hongkong and Shanghai Banking Corporation Limited (HSBC) to develop a global liquidity management solution that allows banks to connect to and exchange their tokens, by leveraging its Whale platform. This will allow cross-border payments to be conducted around the clock in real time.

This partnership with the HKMA marks a significant step forward for Ant International in fostering public-private collaboration to drive innovations in tokenization.

Kelvin Li, Head of Platform Tech at Ant International, said: “As an international financial centre and the home of a vibrant financial industry, Hong Kong is a key focus area for Ant International in our journey to serve merchants around the globe. We are proud to collaborate with the Hong Kong Monetary Authority on Project Ensemble to make an impact on the future of Hong Kong’s fintech industry. We look forward to combining our industry experience and innovative solutions with the HKMA’s vision as we pioneer and develop the use of emerging technologies such as tokenization.”

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