Cyberport launches blockchain subsidy scheme offering up to $500,000

Cyberport has launched the Blockchain & Digital Asset Pilot Subsidy scheme, offering funding to exemplary and high-impact applications with potentials to serve as a benchmark for future use cases, as it welcomes the government’s new policy statement on digital assets.

The scheme covers a wide range of areas including Real-World Assets tokenization, payment and stablecoins, decentralised identity, Web3.0 security, distributed artificial intelligence/machine learning, and social innovation and digital experience.

The program is open for applications and each eligible pilot project can receive up to 80 percent funding, with a maximum subsidy of HK$500,000. 

The funding will be distributed in two installments. The initial installment will be distributed as seed funding, and the final installment will be released upon successful completion of the pilot testing and confirmation from the project sponsor. The application deadline is August 1.

Applicants are required to partner with a well-established organization as their project sponsor to demonstrate the practical application and high potential for commercial deployment of their pilot projects.

They must be registered and operating in Hong Kong, and must meet the relevant eligibility requirements. Proposals must be directly related to recognized blockchain and Web3.0 domains and must address real-world issues or pain points faced by organizations in Hong Kong, for which no identical solution currently exist in the market.

STAFF REPORTER