(Hong Kong – 7th August 2024) Cobo, a leading provider of digital asset custody solutions, is proud to announce a strategic partnership with RD Technologies. As part of this collaboration, Cobo will be a preferred wallet partner for the Hong Kong Dollar Stablecoin (HKDR) to be launched. The two parties will work together to explore and promote the widespread use of the HKDR, injecting new vitality into Hong Kong's digital finance sector.  

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 will conduct testing for various use cases of its proprietary HKDR such as digital asset trading and cross-border trade payments.

As a preferred wallet partner for the HKDR, Cobo will leverage its expertise in custody technology to collaborate with RD Technologies in exploring the extensive applications and potential business use cases of the HKDR, both within Hong Kong and internationally.

"We are very pleased to partner with RD Technologies," said Changhao Jiang, Co-Founder and CTO of Cobo. "With the issuance of the Policy Statement on Development of Virtual Assets (VAs) in Hong Kong in October 2022 by the HKSAR Government, it was only a matter of time before Hong Kong issued their own fiat-pegged stablecoin. Cobo has been committed to R&D and innovation in digital asset custody technologies and solutions, and has set up a local team in Hong Kong since 2019. With our extensive track record in serving institutions and projects within the city, Cobo is uniquely positioned to provide tailored solutions to cater to varying business needs. This partnership is set to accelerate the growth and market penetration of HKDR, and breathe new life into the Web3 financial ecosystem in Hong Kong."

Rita Liu, CEO of RD Technologies highlighted, "RD Technologies is delighted to partner with Cobo. Through Cobo's global ecosystem, we will be able to provide a more powerful infrastructure and flexible blockchain innovations for the cross-border payments of the HKDR. We are excited about the potential of this collaboration."

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About RD Technologies:

RD Technologies Group (RD Technologies) deploys innovative Fintech solutions to connect the business world by trust. RD Technologies is a unique financial platform that connects the Web2 and Web3 world and market participants which was launched in November 2023, and Hong Kong Dollar stablecoins to be tested shortly under the HKMA sandbox. Based in Hong Kong and facing the world, RD Technologies’ mission is to facilitate cross-border trade and financial transactions through the provision of efficient, safe, and innovative payment solutions for businesses, thereby contributing to the development of Hong Kong as a trade and financial hub in Asia.

The world of Web3 holds great promise for the future, and stablecoins play a crucial role in this evolving landscape. RD Technologies plans to engage regulated exchanges globally as well as payment partners to enable more cost and time-efficient cross-border payments and settlements. By leveraging our strong partnerships with licensed financial institutions, RD Technologies aims to drive the mainstream adoption of HKDR. Additionally, RD Technologies will develop innovative use cases that showcase the benefits of compliance, ensuring the safety and security of HKDR to all its users.

For details: https://rd.group  

About HKD Stablecoin (HKDR):

HKDR is the Hong Kong Dollar stablecoin that RD Technologies is exploring to launch. HKDR’s value will be 1:1 in Hong Kong dollars, and its backing reserves will be made up of high-quality, highly liquid assets safe-kept in a segregated custody account with licensed financial institutions. Details of the reserves will be available to the public through independent third-party attestation reports published on a regular basis.

For details: https://rd.group/hkdr

About Cobo:

Cobo is a trusted leader in digital asset custody and wallet infrastructure, providing an all-in-one wallet technology platform for organizations and developers to easily build, automate and scale their digital asset businesses securely.

Founded in 2017 by blockchain pioneers and headquartered in Singapore, Cobo is trusted by more than 500 leading digital asset businesses globally, safeguarding billions of dollars in assets. Today, Cobo offers the industry’s only unified wallet platform that integrates all four digital asset wallet technologies – Custodial Wallets, MPC Wallets, Smart Contract Wallets, and Exchange Wallets. Committed to the highest security standards and regulatory compliance, Cobo has a zero-incident track record and holds ISO 27001, SOC2 (Type 1 and Type 2) certifications, as well as licenses in multiple jurisdictions. Recognized for its industry-leading innovations, Cobo has received accolades from prestigious entities such as Hedgeweek, Global Custodian, among others.

For more information, please visit www.cobo.com