Hong Kong-based G-Rocket announces plans to attract and accelerate 1000 start-ups oriented to Web3 projects. The start-up accelerator company, co-founded in 2016 by Jonny Ng Kit-Chong and Casper Wong, plans to offer banking and office spaces besides government-compliance services.
G-Rocket Acceleration Plans for Web3 Start-ups
Kit-Chong announced G-Rocket’s plans to assist 1000 Web3 firms to establish operations in Hong Kong by 2025. The legislative council member within the election committee envisioned a need for Hong Kong to rival Singapore’s competitiveness in attracting start-ups destined to influence the global future in Web3 and the metaverse ecosystem.
In a December 23 interview with the South China Morning Post, the engineer revealed his elaborate portfolio that features shares ownership in 40 entities. His positive sentiments advocating for Hong Kong’s emergence as a Web3 technologies hub were echoed by partner Wong.
In his reign as G-Rocket chief executive, Wong declared on December 23 his commitment to the firm’s latest initiative, dubbed- Hong Kong Web 3.0 Hub. Wong clarified that the program targets to assist 100 Web3 start-ups to gain business ground in the program set to scale the batch to 1000 by 2025.
The chief executive regretted that Hong Kong lagged behind its peers in attracting talent during the post-covid pandemic era. Wong declared Cyberport and G-Rocket partnership with the former, identified as the virtual-based ZA Bank. He indicated that the banking services of the government-owned incubator would help get the start-ups off the ground. Wong lauded the input of New World Development to provide office space and banking services within its property.
Government Support for Web3 Initiatives
Wong acknowledged that G-Rocket is launching the accelerator program when the Hong Kong leadership is devoted to making the region a competitive crypto hub. Such efforts are evident in Elizabeth Wong’s address in October declaring the formulation of progressive crypto regulations oriented towards legalizing virtual assets trading.
In her capacity as leading the fintech department of the Securities and Futures Commission (SFC), Wong’s statement on October 31 declared the region’s devotion to implementing crash barriers. He considered that the timely mitigation of inherent risks would resolve risks that hinder virtual asset innovations from thriving sustainably in Hong Kong.
Eight weeks after the October 31 address by Wong, Hong Kong portrays critical achievements in the crypto ecosystem. Its legislative council passed amendments to the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF). The December 8 approval facilitated the integration of the virtual asset service operators on December 8 alongside the conventional financial institutions.
Primarily, SFC permitted exchange-traded funds (ETFs) listing with preference to Ether and Bitcoin. The initiative paid off by attracting CSOP Asset Management and raising $73.6 million in investments by December 15, 24 hours before listing the crypto futures ETFs on the region’s exchange.
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