Popular Web3 app STEPN to shift to HongKong in surprise move.
STEPN has chosen to relocate its operations headquarters to Hong Kong, going against the trend of most current crypto companies.
STEPN’s bold decision
STEPN co-founder Jerry Huang confirmed in a conversation with the South China Morning Post, the company will move its headquarters to Cyberport, a Hong Kong tech hub home to more than 1,800 startups and companies.
Huang said the move was prompted by talks with former Cyberport chairman George Lam about building a Web3 startup environment in Hong Kong. STEPN’s current headquarters are located in Adelaide, Australia.
Although the company has yet to announce an exact date to relocate, the move is unexpected as most financial technology companies are leaving Hong Kong one after another due to strict Covid-19 rules and a complex regulatory environment.
Many companies are concerned about Beijing’s pressure on Hong Kong, especially after the National Security Law was enacted in June 2020. The combination of Beijing’s antagonistic stance and mainland China’s total ban has caused many organizations to be hesitant to leave.
Although STEPN has blocked Chinese users, it is still undeniable that the current success of the project is based on a large number of Chinese users. After becoming the most popular application on Solana, the company reported impressive Q2 operating results with a profit of $ 122.2M, up five times compared to last quarter.
The project is also planning to launch Realm 3 on ETH, announce free mint for BAYC holders, and partner with Atlético de Madrid to release an exclusive NFT collection.
What Is STEPN:
STEPN is a Web3 application combining GameFi and SocialFi elements that allows users to Move & Earn (move and earn). Users will earn in-game tokens by walking, jogging, or running outdoors. STEPN operates under the mechanism of 2 tokens, GST and GMT (governance token, limited supply).
Where to find STEPN:
Source : Web3wire