Former Meta workers’ company, Aptos, is testing Hong Kong’s interest in cryptocurrency

Following the legalization of cryptocurrency trading in Hong Kong last June, blockchain projects from Western countries have shown increased interest in the Asian financial hub. A16z and Tiger Global are supporting the blockchain network Aptos, which a group of former Meta employees developed.

Aptos, founded by former members of Meta’s Diem project, will be hosting a DeFi event in Hong Kong in April. Decentralized finance, also known as DeFi, aims to substitute conventional banking intermediaries with decentralized technology, making it a significant use case in the blockchain industry.

Mo Shaikh, co-founder and CEO of Aptos, mentioned visiting Hong Kong twice last year within three months. Aptos operates as a Layer 1 blockchain, independent of established decentralized networks such as Ethereum or Solana.

There is a notable resurgence in interest in innovation and building, particularly in the realm of Web 3. This is evident through engagements with companies such as Alibaba, Tencent, HSBC, and various incubators. Upon observing the high level of activity and interest in Aptos, it is imperative that we address it accordingly.

This week, an X/Twitter Space Aptos conducted in Mandarin Chinese garnered more than 45,000 listeners.

Mainland China prohibits all cryptocurrency trading, but Hong Kong allows it, serving as a testing ground for Beijing to explore Web3 technology without risking financial instability nationwide.

Aptos collaborates with Alibaba to engage with web3 developers in Asia. In November, the two partners revealed their intention to collaborate on hackathons utilizing Move, the open-source programming language created by Meta.

Move is utilized on the Aptos chain for creating smart contracts, which consist of code lines that autonomously carry out pre-established agreement terms. Solidity is the predominant programming language for creating smart contracts on Ethereum, the leading blockchain in terms of developer engagement.

Aptos closely monitors all emerging markets. An ambitious project by the blockchain and Jambo, a Congo-based startup, is the JamboPhone, which aims to become the “web3 super app” of Africa. With a price tag of $99, the phone includes the Aptos-compatible wallet Petra and is available for purchase in Africa, Southeast Asia, and Latin America.

Blockchain Layer 1 The Solana’s Saga phone is evidently aimed at a distinct demographic due to its $1,000 price.

Shaikh proposed that new forms of digital money, such as stablecoins like eHKD or the Singaporean dollar, could be instantly available on devices like JamboPhone, creating real value for individuals typically excluded from the financial system.

The founder declined to provide a timeline for when users in Hong Kong will have access to Aptos-based DeFi services, citing regulatory uncertainties.

The Hong Kong regulators are making positive strides by offering clarity for entrepreneurs to develop. He emphasized the positive implications of this trend and encouraged further exploration.