Hong Kong Allocates 50 Million Yuan To Foster Growth Of Web3.0 Enterprises At Cyberport

Hong Kong Financial Secretary, Paul Chan, has announced the allocation of 50 million yuan to promote the development of Web3.0 enterprises at Cyberport.

Over the past year, Cyberport has attracted more than 150 companies in the Web3.0 space, showcasing its position as a thriving hub for technological innovation. With significant financing and intellectual property projects, Cyberport aims to accelerate the growth of Web3.0 and blockchain-based ventures.

In an article penned by Hong Kong Financial Secretary, Paul Chan, it was revealed that Cyberport, the city‘s flagship technology hub, has successfully attracted over 150 companies operating in the Web3.0 sector. This remarkable achievement underscores Cyberport’s position as a leading center for cutting-edge technological innovation in Hong Kong.

With more than 1,900 community enterprises, Cyberport boasts a cumulative financing figure of over 35.7 billion yuan for start-ups and holds over 480 intellectual property projects. This robust ecosystem has nurtured the growth of various successful ventures, including six “unicorns” that have emerged from Cyberports community.

To further promote the advancement of Web3.0, the Hong Kong government has allocated 50 million yuan in the Financial Budget to Cyberport. This financial injection aims to fuel the growth of the third-generation Internet, which leverages blockchain technology as its underlying foundation. The funding is expected to drive increased research and development, as well as innovative applications in this evolving field.

Cyberport‘s influence extends beyond attracting Web3.0 companies, as it has also fostered groundbreaking advancements in virtual asset trading and other sectors. Last year, one of the community’s companies became the second licensed virtual asset trading platform recognized by the Securities and Futures Commission in Hong Kong. Moreover, the hub has witnessed successful initial public offerings (IPOs) of tech-driven start-ups, such as a smart logistics company and a travel platform.

The allocation of 50 million yuan by the Hong Kong government to Cyberport underscores the commitment to supporting the growth of Web3.0 enterprises. With over 150 companies already operating in this space, Cyberports thriving ecosystem and strong financial backing will continue to drive technological innovation, research, and application development in the Web3.0 sector.