Ever since Hong Kong legalized cryptocurrency trading last June, blockchain projects from the West have drawn more attention to the Asian financial hub. Aptos, the a16z-backed blockchain network developed by a group of ex-Meta employees, is one of them.
Started by some of the original creators of Meta’s abandoned Diem crypto project, Aptos is set to host a DeFi event in Hong Kong this April. Decentralized finance, or DeFi, which seeks to replace traditional banking intermediaries with decentralized technology, has been a prominent use case in the blockchain space so far.
“I was in Hong Kong twice last year in the space of three months,” said Mo Shaikh, co-founder and CEO of Aptos, which is a Layer 1 blockchain, meaning it’s not based on existing decentralized networks like Ethereum or Solana . .
“And what I noticed was that there is an incredible resurgence when it comes to the appetite for building, for disruption and a huge focus on web3, whether it was meeting with people like Alibaba or Tencent, even meeting with other financial institutions like HSBC and incubators out there. So when we see this level of activity, this level of interest in Aptos, obviously we have to make sure we can’t ignore it,” he added.
Indeed, an X/Twitter Space Aptos hosted on Chinese Chinese this week attracted over 45,000 listeners.
While mainland China bans all forms of cryptocurrency trading, the government is leaving the option open in Hong Kong, a move seen by many industry observers as a sandbox for Beijing to play with web3 without potentially causing financial instability for the rest of the country .
Aptos is already working with Alibaba to reach web3 developers in Asia. In November, the two partners announced plans to jointly host hackathons using Move, the open-source programming language developed by Meta.
On the Aptos chain, Move is used to write smart contracts, which are lines of code that automatically execute predefined terms of agreements. Solidity is the primary language used to program smart contracts on Ethereum, the largest blockchain by developer activity.
Aptos has its sights set on all emerging markets. One of its most ambitious endeavors is JamboPhone, a joint effort between blockchain and Jambo, a Congo-based startup that aims to be Africa’s “web3 super app.” Priced at $99, the phone comes pre-installed with the Aptos-compatible Petra wallet and is sold in Africa, Southeast Asia and Latin America.
Layer 1 blockchain Solana’s Saga phone is clearly targeting a different demographic with its $1,000 price tag.
“The nice thing about me [JamboPhone] is, imagine you had new forms of digital money, a stablecoin, the eHKD or even the Singapore dollar, that money can now be instantly available on these devices and extended to creating real value for people who are often left out of the financial system ,” suggested Shaikh.
When asked when users in Hong Kong will be able to access Aptos-based DeFi services, the founder said he could not speculate on the setup.
“I believe Hong Kong regulators are moving things in the right direction and forward and providing clarity for entrepreneurs to build on. And I think that’s a very healthy sign to continue leaning,” he added.
