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IDA Integrates Chainlink Proof of Reserves and CCIP

Twitter icon  •  Published 1 month ago  •  Hassan Maishera

IDA has integrated Chainlink Proof of Reserve (PoR) to verify asset collateralization and the Chainlink Cross-Chain Interoperability Protocol (CCIP) to secure the movement of cross-chain data and value.

Chainlink announced via X on Wednesday that IDA has integrated Chainlink Proof of Reserve (PoR) to verify asset collateralization and the Chainlink Cross-Chain Interoperability Protocol (CCIP) to secure the movement of cross-chain data and value.

The integrations will support IDA’s upcoming HKDA stablecoin issuance, which is backed 1:1 by the Hong Kong dollar. The Chainlink integration gives HKDA users enhanced visibility into the reserves backing the stablecoin through Chainlink’s secure and reliable onchain PoR data. IDA also plans to integrate Chainlink CCIP, which will enable IDA to securely mobilize HKDA across multiple blockchains, ultimately enhancing the token's utility and accessibility.

Chainlink Network (LINK) aims to provide tamper-proof inputs and outputs of data for smart contracts on any blockchain. LINK is down 1.5% over the past 24 hours and is trading at $10.70 at press time.

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Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.