Ethereum

Bank AI

Read

<p class="is-style-lead">Hong Kong&#8217;s Cyberport, the city&#8217;s flagship technology hub, has experienced remarkable growth over the past year, attracting more than 150 companies operating in the web3 space.&nbsp;</p>



<p>According to a June 18 <a href="https://www.fso.gov.hk/chi/blog/blog20230618.htm" target="_blank" rel="noopener">blog post </a>by Hong Kong Financial Secretary Paul Chan, Cyberport&#8217;s ecosystem currently houses over 1,900 community enterprises, with a cumulative financing figure surpassing 35.7 billion yuan ($4.98 billion).</p>



<p>The hub&#8217;s remarkable success is further highlighted by its portfolio of over 480 intellectual property projects and its role in nurturing the growth of several prosperous ventures, including six &#8220;unicorns&#8221; that have emerged from within its community.</p>




    <p>
        You might also like:

        <a href="https://crypto.news/hong-kong-finance-secretary-says-time-is-ripe-to-invest-in-web3/">
            Hong Kong finance secretary says time is ripe to invest in web3        </a>
    </p>




<p>Prominent firms in the web3 space that have found a home at Cyberport include Hashkey Group, a licensed cryptocurrency exchange; Animoca Brands, a web3 venture capital and game developer; and Consensys, the Ethereum software company responsible for the widely-used crypto wallet MetaMask.</p>



<p>Recognizing the immense potential of web3 technologies, the Hong Kong government has allocated 50 million yuan ($6.9 million) from the financial budget to support Cyberport&#8217;s initiatives. This funding aims to expedite research and development efforts and foster innovative applications within the third-generation internet powered by blockchain technology.</p>



<p>Cyberport has also made noteworthy advancements in virtual asset trading and other sectors. In 2022, one of Cyberport&#8217;s companies became the second licensed virtual asset trading platform approved by the Securities and Futures Commission in Hong Kong.</p>



<p>Additionally, several technology-driven startups incubated by Cyberport have successfully launched initial public offerings (IPOs), including a smart logistics company and a travel platform.</p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe title="Hong Kong Crypto Regulations: New BULL Run Incoming?!" width="1020" height="574" src="https://www.youtube.com/embed/om6qeMH4bvk?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading" id="strong-hong-kong-witnesses-surge-in-blockchain-based-products-strong"><strong>Hong Kong witnesses surge in blockchain-based products</strong></h2>



<p>In parallel with the growth of Cyberport, Hong Kong is witnessing the emergence of blockchain-based security products that offer investors diverse opportunities to participate in the city&#8217;s thriving web3 industry.&nbsp;</p>



<p>Recently, UBS and the Bank of China&#8217;s Hong Kong-based investment arm <a href="https://crypto.news/boci-and-ubs-issue-tokenized-securities-in-hong-kong-via-ethereum/">unveiled </a>a blockchain-based structured note, marking the city&#8217;s first private security product on a public blockchain. This significant milestone follows the successful launch of a government-backed green bond in February, which utilized a private blockchain platform provided by Goldman Sachs.</p>



<p>These products demonstrate a broader interest in developing Hong Kong&#8217;s web3 industry beyond cryptocurrencies, which have been the primary focus of <a href="https://crypto.news/uae-and-hong-kong-central-banks-collab-on-bolstering-crypto-regulations/">regulatory efforts</a>.</p>



<p>On June 1, the city introduced licensing regulations for cryptocurrency trading platforms catering to retail investors, ensuring a regulated and secure environment for investors to participate in this growing sector.</p>




    <p>
        Read more:

        <a href="https://crypto.news/huobi-to-expand-trading-service-into-hong-kong-crypto-market/">
            Huobi to expand trading service into Hong Kong crypto market        </a>
    </p>

Hong Kong’s Cyberport emerges as thriving hub for web3 companies

Table of Contents

crypto.news

Other articles published on Jun 19, 2023

Hard Selling in USDT/TRY Parity on Binance! Are Interest Rates Priced?

STEPN Price Prediction 2023-2030: Will GMT Price Hit $1 Soon?

Binance CEO CZ Asserts “No Beef” With Dutch Central Bank Amid Exit

Famous crypto detective ZachXBT is being sued and needs support

Bitcoin Dominance Soars to 2-Year High as BTC Maintains $26K (Market Watch)

Bangladesh takes formal steps to join BRICS coalition

Join our free newsletter for daily crypto updates!