RIYADH, Saudi-Arabien, 2. September 2024 — Saudi-Arabien entwickelt sich immer mehr zu einem weltweit führenden Investitionszentrum, das Unternehmer aus der ganzen Welt anzieht, die hier wegweisende Partnerschaften eingehen, Innovationen entwickeln und ihre zukunftsorientierten Unternehmen gründen und ausbauen. Mit der Ausrichtung der Endrunde des Entrepreneurship World Cup (EWC) in Riad wird das Königreich seinen Ruf als Wiege innovativer Unternehmerschaft weiter festigen: einem der größten, ehrgeizigsten und umfassendsten Pitch-Wettbewerbe seiner Art.

Im Rahmen des Biban Forum 24 – dem führenden Forum für Start-ups, Unternehmertum und KMU im Königreich – wird das hart umkämpfte Turnier aufstrebenden Start-ups aus 151 Ländern Gelegenheit bieten, sich zu präsentieren. Sie haben die Möglichkeit, Geldpreise in Höhe von 1.000.000 Dollar zu gewinnen und den so wichtigen Zugang zu Start- und Wachstumskapital, neuen Verbindungen, Mentoren und Ideen zu erhalten.

Mit dem Biban Forum 24 als passender Kulisse wird der EWC als Sprungbrett für die nächste Generation von Investoren und Unternehmern dienen, um ihr Potenzial auszuschöpfen. Ganz im Sinne der diesjährigen Ausgabe des Biban Forum, das vom 5. November bis 9. November im Riyadh Front Exhibition & Conference Center unter dem folgenden Motto stattfinden wird: Globaler Ort für Chancen. Bei dem Pitch-Wettbewerb werden der Einfalls- und Erfindungsreichtum der Wirtschaftsführer von morgen unter Beweis gestellt.  

Der EWC wurde 2019 vom Global Entrepreneurship Network und der saudi-arabischen Misk Foundation ins Leben gerufen und hat seither mehr als 400.000 Unternehmer begrüßt, die um verschiedene finanzielle Belohnungen und Wachstumsmöglichkeiten konkurrieren. Seit seiner Gründung hat der Wettbewerb Gründer mit Geldpreisen in Höhe von über 4 Millionen Dollar ausgezeichnet.

Letztes Jahr fanden die EWC Global Finals im Rahmen des Biban Forum 23 statt, wo 100 innovative Start-ups aus 53 Ländern gegeneinander antraten. Der Wettbewerb markierte einen bedeutenden Meilenstein für das saudische Unternehmertum, denn WhiteHelmet – ein einheimisches Unternehmen – wurde als erstes saudisches Start-up bekannt gegeben, das den EWC-Hauptpreis in Höhe von 300.000 Dollar gewonnen hat.

Sami Ibrahim Alhussaini, Direktor der Generalbehörde für kleine und mittlere Unternehmen, „Monsha’at”, sagte: „Wir freuen uns sehr, den Entrepreneurship World Cup erneut in Riad auszurichten. Das Unternehmertum ist das Rückgrat unserer Wirtschaft, und wir sind sehr stolz darauf, nicht nur in Saudi-Arabien, sondern auf der ganzen Welt einen positiven Wandel herbeizuführen, indem wir den Unternehmen und Geschäftsleuten der Zukunft die Instrumente an die Hand geben, mit denen sie eine wirtschaftlich erfolgreichere Zukunft aufbauen können.”

Um mehr über den Entrepreneurship World Cup zu erfahren, besuchen Sie bitte unsere Website: https://bibanglobal.sa/ 

Logo – https://mma.prnewswire.com/media/2267129/monshaat_logo_Logo.jpg 

HONG KONG, Sept. 2, 2024 — 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

SOURCE IDA

RIYADH, Saudi Arabia, Sept. 2, 2024 — Saudi Arabia continues to grow in standing as a world-class investment hub, attracting entrepreneurs from around the world to pioneer impactful partnerships, innovate, launch, and scale their future-focused enterprises. The Kingdom is set to consolidate its reputation as the home of innovation-led entrepreneurship, with Riyadh hosting the final rounds of the Entrepreneurship World Cup (EWC): one of the largest, most ambitious, and comprehensive pitch competitions of its kind.

Taking place during Biban Forum 24 — the Kingdom’s flagship startup, entrepreneurship, and SMEs Forum — the fiercely competitive tournament will provide up-and-coming startups from 151 countries. The opportunity to win $1,000,000 in cash prizes and gain all-important access to start- and scale-up capital, new connections, mentorship, and ideas.

With Biban Forum 24 setting a fitting backdrop, EWC will serve as a springboard for the next generation of investors and entrepreneurs to fulfill their potential.  In keeping with the spirit of this year’s edition of Biban Forum, which will be held at the Riyadh Front Exhibition & Conference Center from November 5^th to 9^th, 2024 under the theme of Global Destination for Opportunities. The pitch competition will shine a light on the ingenuity and inventiveness of tomorrow’s business leaders.  

First established in 2019 by the Global Entrepreneurship Network and Saudi Arabia’s Misk Foundation, EWC has welcomed over 400,000 entrepreneurs to vie for diverse financial rewards and growth opportunities. Since its inception, the competition has connected founders with over $4 million in cash prizes.

Last year, the EWC Global Finals were held at Biban Forum 23, with 100 innovative startups from 53 countries going head-to-head. The competition marked a significant milestone for Saudi entrepreneurship, as WhiteHelmet — a homegrown company — was announced as the first-ever Saudi startup to win the EWC grand prize, taking home $300,000.

Sami Ibrahim Alhussaini, Governor, Small and Medium Enterprises General Authority, “Monsha’at,” said: “We are delighted to be hosting the Entrepreneurship World Cup in Riyadh once more. Entrepreneurship is the backbone of our economy, and we take great pride in effecting positive change — not just in Saudi Arabia but around the world — by equipping the businesses and businesspeople of the future with the tools to build a more prosperous tomorrow.”

To learn more about the Entrepreneurship World Cup, please visit: https://bibanglobal.sa/  

SOURCE Monshaat