New Development on the STEPN Front: They Made an Improper Decision While Everyone Was Running!

Move to Earn altcoin STEPN, announced that he will open an office in Hong Kong with the surprise decision he announced in a recent announcement.

Many cryptocurrency This decision attracted attention as the company left the region due to strict Covid-19 rules and the challenging regulatory environment.

STEPN Moves Headquarters from Australia to Hong Kong

Speaking to the South China Morning Post, the altcoin co-founder Jerry Huang confirmed that his company will move its regional headquarters to the Hong Kong government-owned Cyberport, a technology hub that is home to more than 1,800 start-ups and companies.

Huang said the move stemmed from discussions with George Lam, former head of Cyberport, about creating a web3 startup environment in Hong Kong.

STEPN, which allows players to earn rewards for exercising by purchasing sneaker NFTs, is currently headquartered in Adelaide, Australia.

The company has not yet given a date for the move, but this latest attempt comes as other financial and technology firms leave Hong Kong for more favorable terms.

Among them, FTX moved its headquarters to the Bahamas last year. While this move was based on legal uncertainty, FTX CEO and founder Sam Bankman-Fried also tweeted his displeasure with strict quarantine procedures.

Bankman-Fried had this to say about their departure from the country:

“Who would have thought two years ago that the ability to ‘lawfully enter and exit’ a country would be a criterion for living there.”

STEPN had a large following in China until it shut down its GPS services in China in July, causing the app’s token GST to drop 10% after the announcement. It is not clear to what extent STEPN has been squeezed by the authorities.

*Not investment advice.