Can Hong Kong Lead NEO to Success?

Mar 12, 2024 5:00:39 PM

Hong Kong is one of the most progressive cities regarding crypto. The city is an important innovation Hub and one of the most advanced technologically. Despite the tiny territory, Hong Kong is the world’s third largest technology exporter*. The city is also known for its progressive Web3 initiatives and regulation.

The region enjoys being close to China, physically and culturally, while having different rules and legislation. Similar to Singapore, Hong Kong is used by many Chinese companies and institutions to reach the world.

The $ fits perfectly in this equation: it can use the city by its talents and as an export channel of its technologies. By setting up a strong presence in Hong Kong, the Neo blockchain may finally be able to reach the widespread market.

All According to Plan

Neo Founder announced this strategic initiative during the last community assembly. Neo’s world domination plans began with Asia, and HK proved the best place to start.

The platform achieved three significant partnerships just a few months after the announcement—two in Hong Kong and one in South Korea.

HashKey Cloud

The first publicly announced partnership in the city was with Hashkey Cloud. The company is a subsidiary of the HashKey Group, a leading Web3 institution in Asia.

HK Cloud offers infrastructure and enterprise-grade staking services. Their blockchain expertise covers over 40 different protocols. Their clients and partners include giants like Binance and Arcane.

As part of the partnership, the company was elected to become part of the network committee.

New Hong Kong Office

Another significant move made by Neo was the opening of a new office in Hong Kong. According to Neo Founder Da Hongfei, the goal is to foster partnerships and enhance the blockchain ecosystem in the region. This will grant Neo strategic growth in a strategic location.

The new office will be part of the Cyberport Incubation Programme, granting Neo access to important contacts, talents, and other opportunities.

New $NEO and $GAS Listings

This is unrelated to HK itself. It represents how Neo has been fast expanding its presence in Asia: $NEO and $GAS tokens were listed on Bithumb, the second-largest exchange in South Korea.

According to Coinmarketcap, there was a notable increase in trading volumes in both tokens. $NEO and $GAS trading volumes reached two to ten times their regular values.

Good Move from the Neo Team

Unsurprisingly, the bitcoin and crypto ban in China significantly impacted Neo’s ambitious plans. However, by establishing a foothold in Hong Kong, Neo may be able to grow, supported by the existing regulatory frameworks. This reduces the chances of being sanctioned or suffering other restrictions.

If the Neo team continues to expand its influence, it will likely be noted by the market, leading to an increased demand for both $NEO and $GAS.

With good execution and increased developer adoption, Neo may finally be ready to dispute the market against other more hyped coins.