The Move to Earn (M2E) game ‘‘Stepn’ will set up its first regional office at Hong Kong’s government-owned start-up accelerator Cyberport. Thus, making Hong Kong its first regional headquarters outside Australia, as per reports.
The decision comes as other crypto-related firms have been retreating from Hong Kong as speculations regarding a new licensing regime for crypto exchanges have cropped up. The eventual exodus in the business community was further pushed due to Covid-19-related quarantine measures.
Jerry Huang who is the co-founder of the company dubbed as a ‘move to earn app’ said that the firm was convinced to set up the office after a visit from former Cyberport chairman George Lam. Lam had reportedly travelled to Sydney to invite Stepn personally to set up the office in the community.
In a video interview during Cyberport’s Digital Entertainment Leadership Forum, Huang said, “I was honoured that he came to see me”.
He further added that the duo had dinner and Dr Lam enthusiastically invited him to go and help Hong Kong create a Web3 start-up environment together.
“I felt very happy and encouraged” Huang added.
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Amidst the business exodus in Hong Kong, Huang optimistically said that he still prefers Hong Kong because it represents the best fusion of ‘Western’ and ‘Eastern cultures’, and also the city enjoys the status of being ‘one of the world’s major financial centres’.
Huang explained that Stepn will not force all the staff to shift because many are based around the world and have their own cultures and lifestyles. However, the firm will offer to relocate to those members who are interested.
The first shift may include a core team of more than 10 people, as per Huang, and the company may consider seeking more equity financing at that point.
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