Solana Company to Expand Hong Kong Presence

Solana Company (Nasdaq: $HSDT) plans to expand its presence in Hong Kong as it looks to tap growing demand for tokenisation among the city’s financial institutions.

The company aims to increase its Hong Kong workforce to as many as 30 employees from fewer than 10 currently, chairman and CEO Joseph Chee reportedly told the South China Morning Post in an interview.

Chee said the Asia-Pacific region offered Solana Company its biggest growth opportunity, with Hong Kong serving as its new regional headquarters.

Founded in 2018, Solana Company is a Nasdaq-listed firm focused on acquiring and holding Solana (CRYPTO: $SOL) tokens and giving public market investors exposure to the cryptocurrency.

The company was named a strategic enterprise by Hong Kong’s Office for Attracting Strategic Enterprises last month. It plans to use its local operation to explore how blockchain infrastructure can support the city’s financial institutions.

Hong Kong has made tokenisation a priority in its financial technology strategy, with more firms introducing blockchain-based financial products.

Securities and Futures Commission CEO Julia Leung Fung-yee said earlier this week that regulators had authorised 17 tokenised retail products with combined assets under management of $1.3 billion. The figure was up 34% from a year earlier.

However, Chee said the United States was moving faster in adopting tokenisation, while “a lot of major financial institutions in Hong Kong are just starting to think about or initiate a [tokenisation] project.”

Solana Company expects to have a clearer picture of the local market within six months. If established service providers fail to meet demand, the company could build its own team to work with local banks, Chee said.

Solana Company shares are currently trading at $1.93, down 8.10% today.