RD Technologies Secures US$7.8 Million in Series A1 Financing
HONG KONG, Sept. 30, 2024 /PRNewswire/ -- RD Technologies announced the successful completion of its Series A1 financing, securing US$7.8 million. In this funding round, RD Technologies has secured strategic investments from prominent industry players like HongShan, Hivemind Capital, Aptos Labs, Hash Global, SNZ Capital, Solana Foundation, Anagram, and Upward Capital. The capital injection will enable RD Technologies to continue building a financial platform that bridges the Web2 and Web3 worlds and continue to contribute to the development of the Web3 ecosystem in Hong Kong.
RD Technologies announced on 18th July 2024 that its subsidiary, RD InnoTech Limited, has been admitted to the stablecoin issuer sandbox of the Hong Kong Monetary Authority (HKMA). Among the first batch of entities to join the sandbox, RD Technologies is set to test its operational plan for its Hong Kong Dollar stablecoin within the HKMA sandbox. RD Technologies' other subsidiary, RD Wallet Technologies Limited, has been granted a Stored Value Facility (SVF) license issued by the HKMA and has officially commenced operations at the end of 2023. Leveraging the platforms and capabilities of its subsidiaries, RD Technologies is able to build a trusted and compliant financial platform and network.
This Series A1 financing marks a notable achievement following RD Technologies' seed round completed in 2020. RD Technologies has consistently garnered strong support from its initial stakeholders, including ZhongAn Digital Asset Group Limited (ZhongAn Digital Asset), HashKey Group, Dragonfly, Bright Venture, and Eminent Vision. This brings strong ecological support to RD Technologies, such as HashKey Exchange, a regulatory-compliant trading platform, Web3 infrastructure including HashKey Chain, as well as ZhongAn Digital Asset's custody and asset management capabilities. Relying on the support of shareholders with strong backgrounds in both Web2 and Web3, as well as an experienced team, RD Technologies aims to bridge the gap between Web2 and Web3 and promote Hong Kong's establishment as a leading global Web3 hub.
"The legacy payment industry is ripe to be disrupted using blockchain technology and stablecoins to provide more efficient and cheaper cross-border payment networks. Hong Kong is leading the world in virtual asset regulation. We are confident that compliant and transparent stablecoins will invigorate the market and address the pain points of traditional payments and finance to bring in institutions and help Hong Kong become a global Web3 hub", said Rita Liu, CEO of RD Technologies.
Stanley Huo, Partner and Head of Asia at Hivemind, said, "Hivemind is thrilled to support RD Technologies as they seek to lead the future of stablecoins and cross-border payments. We believe regulated stablecoins are a critical growth area in crypto, offering real product-market fit, particularly as global demand for regulated stablecoins rises among enterprises and institutions. In our view, RD Technologies' strategic positioning - led by an experienced team under Dr. Norman Chan and Ms. Rita Liu, with the strong support from the key Web3 stakeholders in Hong Kong - uniquely equips them to be a dominant force in Asia's evolving financial landscape."
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About RD Technologies:
RD Technologies Group (RD Technologies) is the financial platform that bridges the Web2 and Web3 worlds. It deploys innovative fintech to build a business world interconnected by trust. Based in Hong Kong and connected with the global community, RD Technologies was born out of a mission to enable businesses to gain easier access to financial services, enhance trade efficiency, and promote the development of Hong Kong as a trade hub in Asia and an international financial centre. For details: https://rd.group
Compliant and innovative solutions managed by subsidiaries under RD Technologies include:
- RD Wallet:
RD Wallet Technologies Limited (RD Wallet) is a licensed Stored Value Facility in Hong Kong (licence number: SVF0016). It enables global businesses to open multi-currency fiat accounts on mobile anytime, anywhere. RD Wallet is committed to facilitating cross-border trade and payments through efficient and innovative payment solutions for businesses, and contributing to the development of Hong Kong as a trade and financial hub in Asia. For details about RD Wallet: https://rd.group/products/wallet/
- HKDR Stablecoin (HKDR):
HKDR Stablecoin (HKDR) is a trusted Hong Kong Dollar stablecoin 1:1 backed by the Hong Kong dollar, with high-quality and highly liquid assets safekept in segregated custody accounts with licensed financial institutions. Details of the reserves will be available to the public through regular independent attestation reports. In July 2024, RD InnoTech Limited, the issuer of HKDR, was among the first batch of entities to be admitted to the stablecoin issuer sandbox by the Hong Kong Monetary Authority. RD InnoTech Limited will abide stringently by the regulatory requirements for the launch of HKDR to contribute to the continuous development of Hong Kong as a global Web3 and virtual asset hub. For details about HKDR: https://rd.group/hkdr
SOURCE RD Technologies
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