Web3 Foundation boosts Polkadot’s Asia presence with grant to PolkaPort East Web3 Foundation boosts Polkadot’s Asia presence with grant to PolkaPort East
The Decentralized Fund inititaive is designed to support Polkadot-focused organizations with funding.
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Updated: Jun. 4, 2024 at 5:00 pm UTC
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The Web3 Foundation, the organization behind Polkadot, has awarded a Decentralized Futures (DF) grant to PolkaPort East to foster the blockchain network’s expansion in Asia, according to a June 4 statement shared with CryptoSlate.
This marks Web3 Foundation’s first DF grant to an Asia-based entity. The grant aims to enhance Polkadot’s decentralization through technical, community, and ecosystem growth.
This grant, part of an initial $20 million and 5 million DOT tokens allocated to Decentralized Futures, enables Polkadot to fund both for-profit and non-profit organizations that support its ecosystem.
PolkaPort East
PolkaPort East is an independent entity that would focus on investor and growth relations for Polkadot in Hong Kong and the Greater Bay Area.
Although the grant amount remains undisclosed, it will support PolkaPort East’s mission to boost investor relations and growth for Polkadot in the region. The grant will also drive promotion and capital influx for the ecosystem.
Max Rebol, PolkaPort East co-founder, emphasized the grant’s crucial timing for Polkadot, seeing it as a significant step towards enhancing the network’s decentralization and presence in Hong Kong.
Another co-founder, Thibault Perrรฉard, highlighted that the grant will allow PolkaPort East to leverage Asia’s thriving innovation landscape. He added:
“PolkaPort East will be tapping into the thriving innovation hubs of Hong Kong and the Greater Bay Area while engaging and fostering relationships with local governments, global enterprises and capital allocators of the region.”
David Hawig, Ecosystem Director at Web3 Foundation, said:
“This project exemplifies our commitment to fostering decentralized access and innovation within the Polkadot ecosystem. We believe Polkaport East will play a pivotal role in enhancing connectivity and empowering the community in Hong Kong, driving forward the vision of a truly decentralized internet”
Disclaimer: CryptoSlate has received a grant from the Polkadot Foundation to produce content about the Polkadot ecosystem. While the Foundation supports our coverage, we maintain full editorial independence and control over the content we publish.
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Web3 Foundation
The Web3 Foundation was created to nurture and steward technologies and applications in the fields of decentralised web software protocols, particularly those which utilize modern cryptographic methods to safeguard decentralisation, to the benefit and for the stability of the Web3 ecosystem..