Hong Kong to back 1,000 Web3 startups, says G-Rocket accelerator

The G-Rocket accelerator will help set up 1,000 startups in the Web3 sector in Hong Kong over the next three years. The South China Morning Post reports.

A co-founder of the structure is Johnny Ng Kit-chong, a member of the jurisdiction’s Legislative Council, the publication noted.

The group launched the Hong Kong Web3.0 Hub initiative in November after authorities signalled a willingness to develop the virtual-asset industry.

According to another co-founder and CEO of G-Rocket Casper Wong, more than 150 startups have already joined the program. They are mainly projects from Singapore, North America and Dubai, by entrepreneurs of Chinese origin. Some founders from mainland China have also expressed a desire to relocate to Hong Kong, he added.

G-Rocket’s support for startups includes, among other things, providing office space, financial services and help in dealing with the authorities. To this end, the accelerator collaborates with ZA Bank, the virtual bank, developer New World Development and the government incubator Cyberport.

“We hope to help bring back solid companies and talent to Hong Kong,” Wong said.

Earlier, Hong Kong authorities softened regulation of the crypto industry, and by November trading had begun on the stock exchange began trading two ETFs linked to US-listed futures on digital assets.

Former BitMEX CEO Arthur Hayes suggested that investors from China may return to the cryptocurrency industry through the jurisdiction .

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