Hong Kong’s Cyberport—a government-backed business hub—beyond keeping pace with blockchain innovation, is setting the tempo. The hub now boasts over 270 blockchain-focused enterprises, adding a stunning 120+ firms in just 16 months.
Hong Kong's Cyberport now hosts 270+ #Web3 enterprises, adding 120 firms in just 16 months. Backed by $50M in funding, these firms span 20+ countries, exploring real-world #blockchain uses like fintech & digital security. Meanwhile, #crypto exchange licensing is ramping up. pic.twitter.com/i5lWupbv4X
— TechTiynypen News (@TechTinypen) November 20, 2024
On Nov. 19, the Legislative Council (LegCo) of the Hong Kong Special Administrative Region (HKSAR) dropped a discussion paper brandishing Cyberport’s strides in building a thriving Web3, crypto, and blockchain ecosystem.
Talk about putting your money where your mouth is: the Hong Kong government threw $50 million behind Cyberport in the 2023-24 budget. By mid-2023, Financial Secretary Paul Chan Mo-po revealed that Cyberport had already onboarded over 150 Web3 companies.
That $50 million bet seems to be working. The network has since ballooned to 270 firms, including three unicorns (yes, unicorns—those billion-dollar startups everyone dreams about).
An extensive grouping of Web3 enterprises operating in Cyberport. Source: Hong Kong Legislative Council
According to the report:
“The founders of these over 270 enterprises originate from over 20 countries and regions, including Japan, Korea, the United States (‘US’), Canada, Germany, the United Kingdom, and India, in addition to Hong Kong and the Mainland (China).”
Turning Blockchain into Real-World Gold
Cyberport isn’t just hosting these Web3 firms; it’s encouraging them to get their hands dirty with real-world applications. Companies under its wing are exploring how blockchain can reshape areas like smart living, digital entertainment, fintech, and even cyber and data security.
One of the strategic enterprises introduced by the HKSAR Government, Hong Kong Inspur Cloud Services Co. Ltd. (Hong Kong Inspur Cloud), has announced its establishment at Cyberport. The two parties have signed a MoU of cooperation today (19 Nov). pic.twitter.com/7BZvSCKEMo
— Cyberport (@cyberport_hk) November 19, 2024
But there’s more. Cyberport is doubling down on recruiting firms that specialize in blockchain security, crypto wallets, and asset custody. The goal is to create an in-sync Web3 ecosystem where collaboration isn’t only encouraged but inevitable.
Crypto Exchange Licenses Are in the Pipeline
Hong Kong is aiming to attract global Web3 talent as it is rolling out the welcome mat for crypto exchanges, too. The Securities and Futures Commission (SFC) recently revealed its game plan to issue operational licenses to cryptocurrency exchanges by late 2024.
SFC CEO Julia Leung assured stakeholders that the government is pushing forward, with licenses expected to be granted to 11 Virtual Asset Trading Platforms (VATPs) already in the queue. In total, 16 companies are anxiously awaiting a thumbs-up on their applications.
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