Hong Kong Launches Web3.0 Association and Web3Hub Fund

04/12/2023 04:04 • Metaverse & Beyond • 66 views

According to reports, the Hong Kong Web3.0 Association was established on the 11th, according to the Hong Kong China News Agency. In addition to relevant associations, Hong Kong will also establish a Web3Hub fund to support more overseas Web3.0 companies to settle in Hong Kong. The fund will be chaired by the Financial Secretary of Hong Kong, Chen Maobo, and will be managed by a management committee composed of experts from various fields such as fintech, blockchain, and cryptocurrency. The fund will collaborate with institutions such as the Hong Kong Science and Technology Park and the Innovation and Technology Department to provide one-stop services for overseas Web3.0 enterprises. It is reported that the fund has received applications for multiple Web3.0 projects from the United States, Europe, Singapore, and other regions, covering areas such as decentralized finance (DeFi), non homogeneous tokens (NFT), metaverse, and decentralized social media (Dsocial). The fund plans to start investing and supporting these projects in the second half of this year.

Hong Kong to establish Web3Hub Fund, chaired by Chen Maobo

The Hong Kong Web3.0 Association was recently established on the 11th of September, as per reports by Hong Kong China News Agency. Along with relevant associations, Hong Kong is also creating a Web3Hub fund to support more overseas Web3.0 companies to settle in Hong Kong. This fund will be chaired by the Financial Secretary of Hong Kong, Chen Maobo, and will be managed by a management committee comprised of experts from various fields such as fintech, blockchain, and cryptocurrency.

What is the Web3.0 Association?

The Web3.0 Association will act as an official platform that focuses on the development of Web3.0, which includes blockchain and decentralization. Through this association, technology experts, entrepreneurs, policy makers, and other related parties can gather, promote and advance the Web3.0 ecosystem in Hong Kong.

Web3Hub Fund – What is it and How Will it Work?

The Web3Hub fund, as mentioned before, will provide support for Web3.0 companies that are looking to establish themselves in Hong Kong. This fund will collaborate with other institutions such as the Hong Kong Science and Technology Park and the Innovation and Technology Department to provide one stop services for overseas Web3.0 enterprises.

Who Will Benefit from the Web3.0 Association and Web3Hub Fund?

The Web3.0 Association and the Web3Hub fund will be beneficial for Startups, established companies, and investors who are involved with blockchain and the development of the digital ecosystem. Particularly, the fund is aimed to aid overseas Web3.0 enterprises that are looking to expand their business to the Hong Kong market.

The Specifics of the Web3Hub Fund

As per reports, the Web3Hub fund has received multiple applications from Web3.0 projects across the world, including the United States, Europe, and Singapore. These projects include decentralized finance (DeFi), non homogeneous tokens (NFT), metaverse, and decentralized social media (Dsocial). The fund plans to start investing and supporting these projects in the second half of this year.

Why is This Announcement Significant for the Digital Industry?

The establishment of the Web3.0 Association and the Web3Hub fund is a significant step for Hong Kong towards becoming a hub for the digital and blockchain ecosystem. It will help support the growth and innovation of the industry, promote new technology and ideas, and attract more talent and investment to this region. It will also give overseas Web3.0 enterprises a platform to connect and collaborate with Hong Kong companies.

Conclusion

The establishment of the Web3.0 Association and the Web3Hub fund is a positive step for the growth and development of the digital industry in Hong Kong. By promoting the ecosystem, supporting new technology, and connecting entrepreneurs and investors, the association and fund will help strengthen the region’s competitiveness in the global market.

FAQs:

Q. What is the Web3.0 Association and Web3Hub fund?
A. The Web3.0 Association and Web3Hub fund are initiatives recently launched by Hong Kong to support and promote the development of Web3.0, including blockchain and decentralization.
Q. Who will benefit from the association and fund?
A. Startups, established companies, investors, and overseas Web3.0 enterprises looking to expand their business to the Hong Kong market will benefit from the association and fund.
Q. What kind of projects will the Web3Hub fund support?
A. The Web3Hub fund has received applications for projects in DeFi, NFT, metaverse, and Dsocial-related fields, and will invest and support them in the second half of this year.
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