G-Rocket’s Accelerator Program Aims to Help Web3 Start-ups in Hong Kong

Over the next three years, G-Rocket. a startup accelerator co-founded by Hong Kong Legislative Council member Jonny Ng Kit-Chong hopes to lure 1,000 Web3 companies to the city-state, as reported by South China Moring Post.

As the city’s administration promises to reestablish Hong Kong’s standing as a hub for virtual assets, this is to establish their firms there within the next three years.

For many Web3 supporters, the last several months have been a difficult wake. Major cryptocurrencies’ market values have fallen sharply, and NFT trading activity has reduced. 

Due to poor risk management and the misuse of user funds, some pioneers have filed for bankruptcy, such as FTX. With Web3, depositors still keep their money in a non-custodial wallet rather than entrusting it to unregulated platforms.

However, before Web3 fully establishes itself, it will still need to overcome ongoing difficulties and risks for institutional players. The main difficulty is regulatory oversight and outlooks.

Regulators in many countries are looking to balance the risks and innovatory potential of Web 3. However, it is still unclear whether these innovations should be classified as securities or not.

New Program Targeting Web3 Companies

Hong Kong declared a drive to grow its virtual asset industry last month. It prompted the accelerator to create a new program aimed at Web3 startups called “Hong Kong Web3.0 Hub.” According to Casper Wong, co-founder and CEO of G-Rocket, it has already attracted more than 150 startups to sign up.

Chinese business owners with branches in Singapore, North America, and Dubai make up most of the founders who have signed up for it. Some are also headquartered in mainland China and want to move to the city, he claimed.

By the second quarter of 2023, Ng’s venture capital company Goldford Group hopes to establish 100 Web3 startups. They plan to do this by assisting those companies with establishing their business operations there. They hope that they can assist at least 1,000 more companies over the next three years.

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Although the fallout from FTX’s failure spread and impacted several Hong Kong-based crypto platforms. regulators declared the incident’s impact on its investors to be “immaterial.” Hong Kong will gain from an industry that puts more confidence in regulation.

Despite a continuing market downturn, Hong Kong’s fintech community is confident about the sector’s future, and Web3-themed events and meetings are drawing large numbers. Even though there seemed to be little public interest, the first crypto futures ETFs in the city also made their debut last week.