According to co-founder Jerry Huang, STEPN, which rewards users with non-fungible tokens (NFTs) and cryptocurrencies, is opening its first physical office in Hong Kong’s government-owned startup accelerator, Cyberport, making the city its first regional headquarters outside Australia. Physical Office in Cyberport Other cryptocurrency-related businesses left Hong Kong in preparation for a new exchange licensing system. Quarantine due to COVID-19 has also caused a mass migration in the corporate world. Huang claimed that the business was encouraged to make the change due to a visit from former Cyberport chairman George Lam, who traveled to Sydney to extend an invitation to STEPN to open a location there. STEPN, a “Move-to-Earn” Program STEPN enables users to purchase and exchange NFT trainers and in-game currencies while walking or running outside. Then, players can exchange their in-game money for real money or other cryptocurrencies. Huang and Yawn Rong, two Chinese businesspeople with a base in Australia, launched the game in December, and it swiftly took off in nations like Japan and the U.S. According to Rong, who spoke to the Post in April, it made a $20 million profit in the first quarter primarily because of its cut in in-game purchases. Investors, including Sequoia Capital, provided the business with startup capital for $5 million in January. Cyberport has made an effort to take advantage of the growing interest in Web3...
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