The Web3 Foundation, known for its role in developing the Polkadot network, has announced a major initiative to expand its presence in the Asian market. The organization awarded a significant grant to PolkaPort East, an independent entity focused on developing investor relations and expanding Polkadot in the Hong Kong and Greater Bay Area regions.

This grant, which is part of a broader commitment that includes $20 million and 5 million DOT tokens, aims to strengthen the decentralization and sustainable growth of the Polkadot ecosystem in Asia.

This donation marks a significant milestone, being the first of its kind granted by the Web3 Foundation to an entity based in Asia. The purpose of the grant is to drive the technical and community growth of the Polkadot network by promoting innovation and regional collaboration.

PolkaPort East, operating as an autonomous platform, will focus its operations on strengthening investor relations and strategic expansion of Polkadot. While specific financial details of the grant have not been released, it is clear that the support will fund initiatives that promote visibility and attract capital for the network in the region.

Max Rebol, co-founder of PolkaPort East, highlighted the importance of the moment, considering it a crucial step towards improving the network’s decentralization and influence in Hong Kong. Thibault Perréard, also co-founder, emphasized that the donation will enable PolkaPort East to capitalize on Asia’s vibrant innovation scene. Perréard added: “PolkaPort East will tap into the thriving innovation hubs of Hong Kong and the Greater Bay Area, while engaging and fostering relationships with local governments, global companies and capital allocators in the region.”

At the time of publication, the price of DOT was quoted at US$7.21, up 1% in the last 24 hours.


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