Hong Kong Cyberport has announced a funding program to stimulate the development of blockchain and Web3 applications. This initiative aims to support Hong Kong's position in new technologies.
Details of the Scheme
The program supports Web3 innovations and provides funding of up to 80% per project. Each company can receive up to HKD 500,000, contingent upon collaboration with institutional sponsors. The focus includes RWA tokenization and Web3 security.
Long-term Impact on the Sector
The initiative is expected to stimulate sector growth and strengthen Hong Kong's position as a hub for blockchain technology. The short-term impact on cryptocurrency markets remains limited, but long-term effects may enhance the region's technological infrastructure. The absence of new regulatory directives simplifies alignment with existing pro-innovation policies.
Quote from Official Representative
«The program is designed to facilitate the development and testing of high-impact blockchain and Web3.0 applications that can serve as benchmarks for future use cases, accelerating the practical adoption of emerging technologies across various industries in Hong Kong.» — CITE_W_A
The funding program from Hong Kong Cyberport reinforces the region's commitment to developing innovative technologies, which can promote further growth and strengthen the local startup ecosystem.
