BlockBeats news, according to the Hong Kong Economic Daily, Cyberport Digital Entertainment Senior Manager Liang Deming said that Cyberport currently has more than 170 Web 3 startups. The Hong Kong government allocated NT$50 million in the latest budget to support Cyberport in accelerating the development of Web3, the third generation of the Internet.

Cyberport said it will announce more details on the direction of the funding and specific plans within this week. This move demonstrates the Hong Kong government’s positive attitude towards blockchain technology and is expected to further promote the prosperity and development of the Web3 ecosystem.