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DUBAI, UNITED ARAB EMIRATES, February 28, 2023 /EINPresswire.com/ — Hong Kong’s Financial Secretary Paul Chan has announced the allocation of $6.4 million for the development of Hong Kong’s Web3 ecosystem in the 2023-2024 budget. The move is part of the city’s plan to leverage the “golden opportunity” presented by Web3.
Bridging Traditional Finance and Digital Assets:
As part of this effort, Hong Kong will form a task force bringing together policymakers, regulators, and crypto industry players to set the agenda for its Web3 ambitions. Meanwhile, MetaTdex, a decentralized exchange (DEX) based in Dubai, is set to list in Hong Kong and has developed a token-stock linkage project, TT-Stock, to bridge traditional finance and digital assets.
Interactive Brokers has already announced the launch of cryptocurrency trading services in Hong Kong, allowing local professional investors to trade digital assets such as Bitcoin (BTC) and Ethereum (ETH) on its platform. But MetaTdex has gone a step further by conceptualizing crypto-stock interoperability, enabling the exchange of crypto assets and stocks through the tokenization of its own stocks.
MetaTdex has announced its intention to list on the Hong Kong stock market with its TT-Stock linkage project, which will allow users to trade Tdex Tokens (TT) on the exchange and use them as a bridge between Hong Kong stocks and Web3.0 assets. This integration of traditional finance and digital assets is an exciting development for the industry, and the increasing value of TT makes it an attractive investment opportunity.
MetaTdex’s Journey to Listing on Hong Kong Stock Market
MetaTdex’s roadmap for entering the Hong Kong stock market began in early August 2022 when its operation center moved from Turkey to Dubai. In mid-August 2022, it closed the A1 round of strategic financing, reaching a valuation of $30 million. MetaTdex CEO creatively put forward the idea of “meta-asset bridge” in September 2022, aiming to build a global and diversified investment channel. Following the strategy of “crypto-stock interoperability,” it proposed the concept of meta-asset bridge and finalized the interoperability strategy between Web 3.0 and the stock market in October 2022.
MetaTdex’s Meta-Asset Bridge Strategy for Crypto-Stock Interoperability
MetaTdex established the goal of going public in Hong Kong in early November 2022, enabling the strategy of crypto-stock interoperability with its own stock. By December 23, 2022, with a $700,000 strategic investment from Block Global, MetaTdex reached a valuation of $70 million. It became the first DEX to obtain a DMCC trading license in Dubai on January 2, 2023, setting a benchmark for DEX compliance. In February 2023, the “Meta-Asset Bridge” product was renamed “TT-Stock” to accelerate the distribution of Hong Kong listing benefits.
Significance of Web3 Backing and Token-Stock Linkage Project for the Industry
The launch of cryptocurrency trading services in Hong Kong and Hong Kong’s backing of Web3 with $6.4 million in the annual budget is a significant development for the industry. With MetaTdex’s token-stock linkage project, the asset bridge between Hong Kong stock and Web 3.0 assets become possible. It will enable a new generation of investors to participate in the Web3 economy and bring traditional finance and digital assets closer together.
Introduction to MetaTdex
Based on smart contracts, MetaTdex is a decentralized trading platform that adopts the orderbook matching mode. With an average daily turnover of over $20 million and over 250,000 active users, Metatdex is committed to becoming the most professional integrated solution provider in the Web 3.0 industry, enabling everyone to create value and achieve common prosperity. Currently, MetaTdex has launched a series of products such as MetaTdex Wallet, TDEX, Trade Mining, Turbo Staking, Earn, Rewards Hub, Dvote, Turbo U Po and TeFi.