The Web3 Foundation, renowned for its involvement in the development of the Polkadot network, has unveiled a significant endeavor to expand its presence in the Asian market. As part of this initiative, the organization has granted a substantial sum to PolkaPort East, an independent entity dedicated to fostering investor relations and expanding Polkadot in the Hong Kong and Greater Bay Area regions.
This grant, which forms part of a larger commitment totaling $20 million and 5 million DOT tokens, aims to reinforce the decentralization and sustainable growth of the Polkadot ecosystem in Asia.
This donation marks a noteworthy milestone, as it is the first of its kind awarded by the Web3 Foundation to an Asian-based entity. The objective of the grant is to drive both technical and community growth within the Polkadot network by promoting innovation and encouraging regional collaboration.
Operating as an autonomous platform, PolkaPort East will concentrate its efforts on enhancing investor relations and strategically expanding the reach of Polkadot. While specific financial details of the grant have not been disclosed, it is evident that the support will finance initiatives that enhance the network’s visibility and attract capital within the region.
Max Rebol, co-founder of PolkaPort East, expressed the significance of this moment, considering it a vital step towards improving the network’s decentralization and influence in Hong Kong. Thibault Perréard, also a co-founder, emphasized that the donation will enable PolkaPort East to leverage Asia’s thriving innovation scene. Perréard added, “PolkaPort East will tap into the flourishing innovation hubs of Hong Kong and the Greater Bay Area, while establishing and nurturing relationships with local governments, global companies, and capital allocators in the region.”
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At the time of publication, the price of DOT was recorded at US$7.21, reflecting a 1% increase within the last 24 hours.
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