August 29, 2024
By Joe Pan
The partnership between Mysten Labs and ZAN, the Web3 technology brand of China’s Ant Digital Technologies, underscores Hong Kong’s role as a crucial gateway for China in blockchain infrastructure and market development. This strategic collaboration aims to advance Web3 infrastructure and accelerate blockchain adoption in the region, reinforcing Hong Kong’s position as a bridge between East and West in the crypto space.
The partnership focuses on enhancing KYC infrastructure and RPC node services. ZAN will provide KYC services for projects on Sui, improving compliance solutions, and launch RPC node services to boost scalability and accessibility for developers and users in the APAC region. This initiative highlights Hong Kong’s potential to attract blockchain companies through its clear regulatory frameworks.
Adeniyi Abiodun, Chief Product Officer and Co-Founder of Mysten Labs, remarked, “This partnership marks a significant milestone for the Web3 ecosystem in Hong Kong and the APAC region, accelerating the development of innovative applications.”
Ant Digital Technologies boasts the largest productivity blockchain platform in China, leading the BaaS market with a 26.5% market share in 2023. The company is capable of supporting a scale of 1 billion accounts and achieving 200,000 CTPS. “We aim to collaborate closely with Ant Digital Technologies and its Web3 brand ZAN to onboard more users in APAC,” Derik Han, Head of Asia-Pacific, Partnerships & Investments at Mysten Labs added.
As global crypto firms navigate regulatory challenges, Hong Kong continues to position itself as a leading hub for crypto companies with mixed results. As of May 24, 2024, eight firms, including local companies with ties to well-known global exchanges, have withdrawn their applications for virtual-asset trading platform licenses in Hong Kong, according to the regulator’s official website.
Despite the withdrawal of several firms from the licensing process, Hong Kong remains an attractive gateway for crypto companies from China, as evidenced by strategic partnerships like that of Mysten Labs and Ant Digital Technologies, indicating that the city’s regulatory environment and strategic location continue to hold appeal for businesses seeking to expand in the region.
About the author
Joe Pan is an editor and correspondent at Blockwind.news.
