Neo commits US $1 million to boost Hong Kong’s web3 development

Neo has partnered with Web3Labs to roll out an accelerator initiative aimed at fostering Hong Kong’s Web3 industry. The alliance sees Neo contributing US $1 million to the Web3.0 Global Acceleration Program, offering aspiring Web3 project teams a wealth of resources – from funding and technical support to additional ecosystem advantages.

Web3Labs is primed to respond to the Hong Kong government’s policy on virtual asset development. From on-ground assistance to compliance guidance, Web3Labs commits to helping global blockchain-enabled companies anchor their presence in Hong Kong, aiming to establish a holistic gateway for distributed systems entrepreneurs. As of July 2023, the incubator claims to have already extended its expertise to nearly 1,000 Web3 enterprises.

Neo’s founder, Da Hongfei, expressed his enthusiasm for the collaboration, emphasizing Neo’s deep-rooted commitment to Asia’s developer community. “Supporting developers in Asia is critical for Neo,” he said, “especially pertinent given recent positive regulatory developments in the region, particularly in Hong Kong, and Neo welcomes further positive developments in the area.”

Neo and Web3Labs aim to mentor and nurture trailblazing Web3 projects by sourcing developer talent from Hong Kong and regions beyond. This accelerator program will welcome the five victorious teams from Neo’s APAC Hackathon, with the grand finale in Hong Kong on Oct. 27 and 28.

Web3Labs’ CEO, Caspar Wong Chun-long, reciprocated enthusiasm for the partnership. “The whole team at Web3Labs is delighted to be partnering with Neo to drive the development of virtual assets and the Web3 sector in Hong Kong.”

Neo’s APAC Hackathon, backed by OKX, spanned five vital Asian cities and promises the grand prize winners a spot in the Web3.0 Global Acceleration Program. The hackathon has focused on arming developers with the right tools, enabling them to harness the power of Neo using familiar languages.