An interesting move came from the team of STEPN (GMT), a metaverse coin with a large audience in Turkey. According to the information, STEPN carries its headquarters. Here are the details…
Turks’ favorite metaverse coin project is moving
Co-founder Jerry Huang told the South China Morning Post that STEPN will move its regional headquarters to Cyberport in Hong Kong. Cyberport is a technology hub with more than 1,800 start-ups and companies. According to Huang, the reasoning behind opening an office in Hong Kong came after a conversation with former Cyberport president George Lam. During the conversation, they discussed building a web3 startup ecosystem in Hong Kong. However, the company did not reveal a date for its big move.
cryptocoin.com As we have also reported, STEPN rewards non-walking, running users with crypto. To participate, a user must purchase an NFT and start walking or jogging outdoors to earn tokens. It also allows users to spend their earnings within the Web3 ecosystem or withdraw the amount to an external account and earn a profit. STEPN is currently located in Adelaide, Australia. The idea to move to Hong Kong came at a time when many other companies were leaving the city.
Cryptocurrency companies are changing their headquarters
Meanwhile, popular derivatives platform FTX relocated its headquarters from Hong Kong to the Bahamas last year. He attributed the move to regulatory uncertainty. FTX CEO and founder Sam Bankman-Fried also tweeted about his frustration with the strict quarantine procedures. “Who would have thought two years ago that an important consideration of where to live was ‘it’s legal to enter and leave the country,'” he said. PwC global crypto leader Henri Arslanian has relocated his new crypto asset management firm from Hong Kong to the Cayman Islands and Dubai due to regulatory approval times and travel restrictions.
Another key issue for companies leaving Hong Kong was Beijing’s impact on the city, especially after the National Security Act was passed in June 2020. Add to this the hostile stance of the Chinese capital towards non-governmental crypto projects and banning several platforms. In China, STEPN had a following in China until they shut down GPS services there in July. The app’s token, GST, dropped 10 percent after this announcement. STEPN will join the remaining Hong Kong dispute, including Cyberport-based Animoca Brands.
STEPN had a profit of close to $20 million in the first quarter of this year. The company also received investments from many large investors. Cyberport has also begun to capitalize on the interest in the metaverse. Animoca Brands, behind another popular metaverse coin, The Sandbox, is also headquartered in Cyberport.
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